South Korea puts an end to P2E games

Южная Корея “ставит крест” на P2E-играх

  • South Korean government opposes real money applications
  • The authorities call such projects a “speculative instrument”
  • Similar software may be allowed on the country’s market, but only with the permission of the regulator
  • In this case, the reward in it should not exceed $ 8

The South Korean government is increasing pressure on the crypto industry. The Game Management Committee (GMC) has demanded that Apple and Google app stores stop distributing P2E games in the country.

In the country, winning “prizes” should be limited 000 Korean won – about $ 8, 22 – in accordance with the Law on the Promotion of the Gaming Industry. GMC believes these applications are for speculative enrichment. This is precisely why the ban is connected.

The government not only approached two tech giants – Apple and Google – but also asked all major app distributors to block the internal distribution of blockchain-based games.

At the same time, the department will continue to monitor blockchain gaming projects. The authorities say they are not seeking to “get in the way of progress”, but only to regulate the crypto industry.

The department also explained that the entry of a P2E project into the South Korean market is possible, but only after analysis by the department.

Earlier we talked about the taxation of crypto -spheres in South Korea. Many traders call it unfair. Fortunately, the new rules were delayed for a year due to elections.

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