Google, Apple App Store Order By South Korean Gaming Regulator to Shutdown Crypto/NFT Games
Game Rating and Administration Committee (GRAC) shows NFT’s no love.
Google Play and Apple App Store have been order by the Game Rating and Administration Committee (GRAC) to remove games that feature non-fungible tokens (NFTs) from its marketplace and has warned developers they must remove play-to-earn titles from their games or face the music.
GRAC states that games that tradeable non-fungible tokens (NFTs) cannot be assigned age-appropriate licenses — effectively barring them from distribution in the country.
Games that require in-app purchases prior to playing are also been asked to be blocked.
Also other blockchain titles have also been barred if they use crypto assets. It remains to be seen how this will affect the non gaming crypto space in South Korea but it looking more like it would be difficult for most crypto companies to operate in the country.
These rules make the South Korean crypto market dead on arrival, as most blockchains need their tokens to power their ecosystem. Help from the courts systems seem unlikely as GRAC rulings have been upheld in legal battles.
Let’s hope 2022 brings some relief to the South Korean domestic crypto market.
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