South Korea fighting against Play-to-Earn games
The South Korean government, known for its rather loyal attitude to cryptocurrency assets, has taken measures to restrict the release of games in the Game-Fi sphere. It also demanded the removal of existing games from the Google Play and Apple App Stores.
According to Cointelegraph, The Game Management Committee (GMC) demanded a ban on any game that requires in-game purchases before the game starts. All P2E games feature this attribute, where players first invest their money, then start playing and get the opportunity to withdraw more money than they have invested.
However, gaming prizes of more than 10,000 won ($8) are banned in the country since the government believes it helps create fraudulent money-making schemes. Furthermore, in the spring of 2021, the government introduced a ban on age rating for games, which is necessary to place their apps in stores. Such a ban has caused some notorious difficulties for Game-Fi game developers. One of the developers even sued and won, returning his app to the stores. However, the final legal decision on the status of such games and the GMC's legality has not yet been defined. The next court decision is expected to clarify and finally determine the future development of P2E games in South Korea.