They sat down, so at the round table guys, to discuss important topics, and something to prohibit. The South Korean government has issued a tough directive against Play-to-Earn games. Regulators in South Korea have asked Apple and Google to block and remove all games from their stores that allow you to earn money!
This year, the regulatory department has been actively working in its field. The goal is pretty clear, these regulation works are part of their ongoing initiative to introduce various cryptocurrency regulations in an attempt to take control of the market. In fact, earlier this year, they put forward a proposal to tax income from cryptocurrencies, which was later postponed until 2023. And even earlier, they asked the exchanges to submit official certification, in other words, they took it hard.
South Korea vs Play-to-Earn Gaming
The new regulation is retroactive. Thus, Apple and Google should remove existing P2E games from their stores and block the release of those that were supposed to come out.
On December 28, a GMC (Game Management Committee) employee from the South Korean Ministry of Culture asked the tech giants to proactively block any games requiring in-game purchases.
Play-to-Earn is a model that has created a real breakthrough over traditional gaming models. P2E has breathed life into blockchain gaming. This has become a new era for the gaming industry as a whole, because the time spent on games can now be recouped, and not just spent. However, the South Korean government remains completely indifferent and not confident that users can profit from games and game prizes. Despite the fantastic growth of the cryptocurrency, NFT and gaming industry, thanks to the P2E model, they still see it as "speculative activity and gambling".
Even after litigation with game developers since April, regulators have shown no sign of slowing down. They even took the desperate move of rejecting the age ratings of these games to prevent developers from listing them in app stores.
In this absurdity, South Korea is not the only government tightening rules on the crypto industry. Not long ago, the UK Advertising Standards Authority (ASA) used their leverage to ban seven cryptocurrency ads. Ads that targeted Papa John's Pizza, Kraken, Coinbase, Exmo, Luno, Coinburp, and Etoro have been dropped. The authorities say advertising “misleads consumers,” including “irresponsibly exploiting the consumer’s inexperience and ignorance.”
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