South Korean authorities push for strict restrictions on P2E games
The South Korean government has asked Apple and Google to block P2E games from their app stores. In order to regulate the crypto market, the government is now looking at the P2E concept and related games.
What is P2E? These games allow players to earn money for their in-game activities. Play-to-earn games play a large part in the metaverse. Popular games like AxieInfinity, Splinterlands have tasted huge success from the community. According to reports, some players have been able to gain a significant amount of money from these games, which has drawn the notice of governments.
The government has begun to monitor blockchain-based games and has even ordered two tech firms not to allow the release of "money-making games" until further examination.
Crypto has been trending in South Korea. Over 1.9 million people in the country own cryptocurrencies.
The South Korean government's current initiative to shut down play-to-earn games is just another attempt by the authorities to exert control over the crypto industry. When it comes to regulation, the country has been one of the most active and hard on the crypto industry. South Korea has taken a number of steps, including instituting a taxation structure, prohibiting the use of privacy coins, and requiring exchanges to obtain government accreditation. Lawmakers have not shied away from enacting harsh punitive measures when necessary.