Lee Jun-seok "Will Allow Domestic P2E Games... Will Also Revise Related Regulations"

Lee Jun-seok, the presidential candidate of the Reform New Party, expressed his intention to allow Play to Earn (P2E) game services domestically. P2E is a profit-making game where users can earn virtual assets (cryptocurrency) and other tangible rewards by playing the game.

According to industry sources on the 26th (local time), candidate Lee stated in his response to the presidential election policy questionnaire, "The government should focus on creating an environment where creativity thrives, rather than on regulation," and "If P2E games are based on rewards that contribute to creative activities and the ecosystem rather than gambling, we will shift regulations to allow them."

He further emphasized the need to revise regulations related to P2E games. He added, "P2E games should have their regulations revised to meet global standards. For games with virtual asset rewards, we will establish clear interpretations and standards regarding the boundaries of the Game Industry Promotion Act and the Virtual Asset Act."

Currently, the legal status of the P2E reward system is unclear between the Game Act and the Virtual Asset Act in Korea. Without regulatory revisions, the entire market could be handed over to foreign companies.

He also mentioned the introduction of an incentive system. The candidate said, "Currently, blockchain-based content is being distributed overseas first, bypassing domestic regulations. This is a distorted structure," and "We plan to establish special zones and tax incentive systems specialized for blockchain content export." He added, "Busan's blockchain special zone could serve as a testbed (new technology testing platform)."

Meanwhile, Busan was designated as a blockchain regulation-free zone in 2019.