In December 2023, China’s National Press and Publication Administration introduced draft regulations with potentially significant implications for the online gaming industry. The proposed regulations, aimed at curbing in-game spending, could substantially affect games that rely on high spenders for their revenue, particularly “free to play” games. This initiative is part of China’s broader strategy to regulate the country’s leading gaming industry, which rebounded to generate approximately $42 billion in 2023, following a decline in revenue in the previous year due to China’s previous regulatory crackdown which included a temporary suspension of new game approvals and restrictions on the amount of time children can spend on gaming.Continue Reading China Proposes New Regulations for Online Gaming
Proposed Anti-Spying Legislation May Not Be Cause for Alarm for Gamers in Congress
On Thursday April 30, 2020 U.S. Senators Ted Cruz and Josh Hawley announced their intent to introduce the ” Countering Chinese Attempts at Snooping ” Act, with the goal of “… Banning U.S. Officials from Using Tencent, … [and] Other Chinese Communist Party-Backed Platforms.” Specifically, the legislation requires that the company that creates the prohibited technology be “domiciled in the People’s Republic of China or subject to influence or control by the Government of the People Republic of China or the Communist Party of the People’s Republic of China” (“China”). Given Tencent’s investments and involvement in some of the most popular game companies, this may come as a concern to the gamers in congress. But there are two reasons why this legislation may not cut into their gaming sessions.
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China Halts ICOs
China has put a halt to Initial Coin Offerings (ICOs) in China. In a recent notice, China declared ICOs to be an illegal fund raising tool and indicated it is…
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Virtual Currency: Regulation and Taxation Issues
China’s State Administration of Taxation recently announced a tax levy on individual income made through virtual currency transactions, despite a February 2007 ban on the trading of virtual currency.Continue Reading Virtual Currency: Regulation and Taxation Issues