Korea Requests Apple and Google to Ban Play-to-Earn Games
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Main page News, South Korea, Blockchain, gaming industry

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.

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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."

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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.

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