The South Korean authorities have requested Google and Apple block any games on their marketplaces that operate on the sp-called play-to-earn (P2E) model. According to local news media Naver, the initiative is aimed at combating the spread of speculative money-making schemes that bypass the laws. With the initiative, the authorities are also want to fight money laundering through decentralized games.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
A spokesperson for Game Rating and Administration Committee Video Game Rating System said the regulator is also considering prohibition of assigning age ratings to P2E games as monetary rewards in blockchain-games"can be interpreted as prizes."
Earlier in November, South Korea's Financial Services Commission (FSC) proposed to criminalize fraudulent behavior in the cryptocurrency market, including price manipulation and insider trading. The FSC recommendations provide for a minimum of one year imprisonment and a fine of 3 to 5 times the illegal gain. If the amount of such gains exceeds 5 billion won (approximately $4.2 million), the prison sentence could increase to five years.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.