The General Administration of Press and Publication of China (GAPP) has recently released a draft outlining significant changes in the regulation of in-game tokens within the online gaming industry. This move marks a strategic alteration in the country’s approach to digital currencies in gaming.
Proposed Ban on Token Conversion to Fiat Currency
Under the new guidelines, the GAPP proposes a ban on the conversion of game tokens into physical goods or legal tender. This regulation affects a myriad of online gaming practices, encompassing 62 articles. Moreover, it introduces stringent requirements for gaming companies. These include mandatory licensing in China, a two-year data retention policy, strict adherence to national and socialist values in content, and the elimination of anonymous user registrations.
The Future of Gaming Crypto Tokens
Article 23 of the guidelines…
