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Genuine question here - what's the difference between them selling this 'currency' and buying in game currency on a video game? Or would those kind of things al
by breakfastduck 6y ago
Genuine question here - what's the difference between them selling this 'currency' and buying in game currency on a video game? Or would those kind of things also have to comply with these kind of regulations?
- deburr 6y agoVideo game currency is restricted to that video game, and most if not all video games have strict regulations against trading their currency for services outside of the game. The currency they're selling purports to be a general-use currency for real life sales.
- PeterisP 6y agoIf a video game in-game currency is "input only", as in, the value goes from the players to the company and stays there, it's effectively just a payment for a service. If you allow transfers between users and cashing out to real money (as Epik's "Masterbucks"), then you'd have to comply with these kinds of regulations, so video games try and take steps to ensure that their currencies aren't treated like that, or at least if this does happen, they can't be seen as facilitating it. Epik's marketing material explicitly mentions both "fully transferrable" and "convertible to dollars" - this combination means that you're intentionally running a service that can be used for money transfers, and thus you need to ensure KYC (know your customer) and AML (anti money-laundering) compliance or shut down that service.
- breakfastduck 6y agoAhh okay I see I missed the point about being able to cash it back out. That makes sense, thank you.