Billions of dollars have been deployed to the GameFi industry. But did anyone check with regulators in Asia, the most dynamic and important market for gaming and crypto?...BTC, ether inch higher. thesamreynolds and JPRubin23 report
Billions of dollars have been deployed to the GameFi industry. But did anyone check with regulators in Asia, the most dynamic and important market for gaming and crypto?
If they did, they’d see that many regulators are hostile to GameFi. This isn’t reflected in laws made recently to address decentralized finance , but rather from those already in existence.earlier this month, countries like South Korea and China have had laws about converting in-game tokens into fiat currency for nearly 15 years. The popularity of a game called Sea Talk, which had a liquid exchange market for tokens to won, made the government write laws that specifically addressed the issue.
Article 28 of Korea’s Gaming Industry Promotion Act — gaming is a serious industry in Korea and has its own regulatory code — strictly prohibits speculative acts, gambling and free gifts while Article 32 prohibits converting game tokens into cash. In China, there are similar laws on the books. The mid-2000s popularity of Tencent’s QQ coins, tokens that were freely convertible to Chinese yuan, made the People’s Bank of China come down hard on the industry. Then, in 2017, the PBoC banned crypto trading entirely.One would think that investors pumping in billions of dollars to the sector would do a bit of due diligence first.
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