China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Steppen, to kick users off the mainland starting July 15. Shortly after the announcement, Stepan’s in-game cryptocurrency dropped by 38%. ,
Stepn complies with local regulations
Developers have said that China mainland users of NFT gaming app Steppen will no longer be able to access the app from July 15. The blockade on users in the region is set to take effect when Stepn ceases to provide GPS and IP location services.
Despite disclosing plans to stop serving users from the mainland, the dev team insisted a Tweet That they were not involved in any business with the players of the area. 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 inception and has not provided download channels. STEPN has always attached great importance to compliance obligations and has always strictly adhered to the relevant requirements of local regulatory agencies.
In addition to the May 26 announcement, the Stepan team said they will still notify users of any new details related to the blockade via social media, email and in-app alerts.
The plunge of in-game cryptocurrency
Meanwhile, a report by the South China Morning Post stated that Stepan’s in-game cryptocurrency is down 38% following the announcement. The report also noted that soon after the announcement, Stepan had become the top trending search term on China’s social media platform Weibo.
Described as a “move-to-earn” game, Steppen enables users to walk or run in the real world with so-called NFT trainers as well as in-game cryptocurrency (GMT). The report states that in-game cryptocurrency income is converted into either cash or other crypto assets.
Nevertheless, China’s ongoing crackdown against crypto-related businesses has forced the dev team to take steps that ensure Stepan complies with the country’s regulations.
What are your thoughts on this story? Tell us what you think in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell 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 alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
