South Korea’s new administration under President Yoon Suk-yeol will likely abolish its ban on blockchain and play-to-earn gaming in 2023, Henry Chang, CEO of South Korea-based video game developer Wemade, said in a media interview joined by Forkast on Tuesday at Korea Blockchain Week 2022.
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Fast facts
- “The new government came a hundred days ago and the current government considers (modifying) the law to allow the blockchain games in Korea,” the Wemade CEO told reporters.
- “I expect it will be next year,” Chang said.
- The negative image many South Koreans have about video games played a part in the ban on P2E, according to Chang.
- “As game developers, we need to try our best to correct misunderstandings and improve the bad image,” Chang told Forkast. “We are trying to provide social responsibility in detail to the entities in Korea and other worlds.”
- South Korea’s Game Rating and Administration Committee does not allow any blockchain-based games to be released domestically, citing concerns over the games encouraging speculation.
- Wemade has released a series of blockchain-infused video games including P2E role-playing game MIR4, currently positioned as the 15th-most played game on Steam at the time of publication.
- Wemade is also preparing to launch its own blockchain mainnet WEMIX 3.0 next month at the earliest, Chang said at a company media conference earlier this month.
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