Fun

Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users

News Feed - 2022-05-29 05:05:03

Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users


China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%. Stepn Adheres to Local Regulations


China mainland users of the NFT gaming app Stepn will not be able to access the app starting on July 15, the developers have said. The blockade on users from this region is set to become effective when Stepn stops providing GPS and IP location services.


Despite revealing the plans to stop serving users from the mainland, the dev team insisted in atweet that they had not engaged in any business with players from the region. The team tweeted: We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.


In addition to the May 26 announcement, the Stepn team said they will still inform users of any new details relating to the blockade via social media, email, and in-app alerts.


The In-Game Cryptocurrency’s Plunge


Meanwhile, a report in the South China Morning Post said Stepn’s in-game cryptocurrency had plunged by 38% following the announcement. The report also said that shortly after the announcement was made, Stepn had become the top trending search term on Weibo, China’s social media platform.


Described as the “move-to-earn” game, Stepn enables users to trade the so-called NFT trainers as well as the in-game cryptocurrency (GMT) by either walking or running in the real world. The in-game cryptocurrency earnings are either converted to cash or other crypto assets, the report added.


Nevertheless, China’s ongoing crackdown against crypto-related businesses appears to have forced the dev team to take steps that ensure Stepn complies with the country’s regulations. Tags in this story Cryptocurrency, nft, Non-fungible Token, STEPN, Weibo


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Eurovision Song Contest 2022 Winners Release NFT for Ukraine Charity Auction METAVERSE | 2 days ago Chinese Indexes Company Launches Hang Seng Metaverse Index METAVERSE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Research Shows More Than 1 Million Australians Own Cryptocurrency
Research Shows More Than 1 Million Australians Own Cryptocurrency A recent study by major market research firm Roy Morgan shows that more than 1 million Australians now own cryptoc
Ana Paula Pereira6 hours agodYdX raises margin requirements in some markets, bans “highly profitable trades”The decentralized exchange increased margin requirements on several markets on Nov. 18, after an alleged tar
Korean won becomes world’s most traded fiat for crypto traders: Report
Zoltan Vardai11 hours agoKorean won becomes world’s most traded fiat for crypto traders: ReportThe won"s rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.1
Shiba Inu Presents SHIB Metaverse With Over 100K Land Plots
Shiba Inu Presents SHIB Metaverse With Over 100K Land Plots Shiba Inu, the meme-coin project that mimicked dogecoin, has announced it is launching its own take on the metaverse. Th
William Suberg14 hours agoBTC price tracks $26.5K as Bitcoin speculator supply hits 12-year lowBTC price action stays firmly within an established range, while analysis shows that overall Bitcoin investor composition is
Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months
Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months Bitcoin prices have regained momentum during the last
Ezra Reguerra5 hours agoUK politicians enter the metaverse, mainstream media says NFTs are worthless: Nifty NewsletterBritish politicians went to the metaverse to discuss the benefits and potential challenges that Web3 t
Jesse Coghlan2 hours agoDeFi group petitions to stop ‘patent troll’ targeting DeFi protocolsThe DeFi Education Fund says a patent owned by True Return Systems is being used to try to profit from lawsuits against dece
Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed
Kevin O"Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-F
Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin
Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin The number of surveyed South Africans that own crypto grew marginally from 10.3
Trader hits $6M pay day after spending $8K on Ethereum memecoin
Ezra Reguerra11 hours agoTrader hits $6M pay day after spending $8K on Ethereum memecoinOn-chain data shows that the Ethereum trader has already transferred the tokens to another crypto wallet.8483 Total views25 Total sh
2019 Google and Yahoo Searches for Bitcoin Decline Significantly
2019 Google and Yahoo Searches for Bitcoin Decline Significantly 2019 was an interesting year for cryptocurrencies. Some would say it wasn’t as bad as the crypto winter in