Failed promises compel South Korea’s game makers to explore foreign shores

July 19, 2022 Korea Blockchain

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.

A volte-face by South Korean President Yoon Suk-yeol’s administration on lifting the country’s long-standing ban on blockchain-infused gaming is forcing the industry to stick to overseas markets.

In his election campaign, President Yoon had promised to abolish the ban on the play-to-earn (P2E) industry and enact regulations to encourage the wider gaming industry, which is increasingly developing blockchain-based titles. But that promise was omitted from his final election manifesto near the end of the election.

“The president has not mentioned [P2E] since [taking office in May],” Dongyang University’s Kim Jung-tae told Forkast. “And the minister of culture repeats the same quote like a parrot — saying we need to take a careful and comprehensive approach.”