Finally, Korean Governement are to Illegalize RMT.
November 23rd, 2006 Jun Sok Huhh Posted in news |
According to an article of a Korean newspaper, if a recent proposed bill named “Amendment for Game Industry Promoting Law” be through the National Assembly, all kinds of mediating businesses between in-game money and real money could be punished.
The amendment adds the former original bill to a clause for prohibiting acts of exchanging in-game money to real money. This tells that anyone cannot do her business for ‘exchanging’ or ‘mediating’ exchanges of, and 'repurchasing' outcomes of games by real money. The 'outcomes' mentioned include in-game money, all kinds of in-game points, but in-game items are not among these.
According to an official concerned, RMT mediating companies can be punished for their acts of mediating in-game money. Already well known, most of RMT transactions are being done by in-game money, not specific items. So, all of these companies are at the outside of the law.
As the bill can be validated without any period of suspension, the authorities concerned can regulate any act of mediation and the mediating companies, once the bill is passed. If nothing special happen, the bill is expected to be carried by Dec. of this year.
Meanwhile, the government is also considering another regulatory measure for in-game items that are not included in the above case. After some public hearings are held, they are to submit another amendment until early of year 2007.
*****
* According to one of members of Gamestudy.org, the first edition of the amendment proposed by a congressman had no explicit expression for in-game currency like Arden of Lineage. The bill itself should be checked for getting more exact picture.
The previous news for sales of two mediating companies to IGE might be a precursor for this action of government. Actually, as the firm like ItemMania is owned by IGE as of now, this measure might bring a small trouble between two countries. What if the IGE would move the business from Korea to U.S.?
Also, the amendment might be strongly influenced by the big scandal about gambling arcade gaming of this year. The most criticized fact about the scandal was the exchange between gift certificates won by game playing(actually it is not playing, but just gambling) and real money. At that time, some observers were harshly bashing RMT of online games in the like manner.
Anyway, considering the size and effects of RMT in Korea, this measure is to be another big turn in Korean MMOG market. It is a structural change to effect players, developers, and other derivative companies around online games.
November 24th, 2006 at 5:26 am
[…] According to reports from Korea, the National Assembly (the Korean legislature) is considering a bill that will make trading in virtual gold a crime, specifically with fines assessed on companies that buy and sell the stuff. […]
November 28th, 2006 at 9:13 am
Jun,
Do you think they’ll tax RMT for the in-game items amendment? That’s my theory.
November 28th, 2006 at 10:45 am
Hi, Ken. Long time no see for my damned laziness!
Anyway, I think it is not the motivation for taxation. To my knowledge, Korean gevernment had considered taxing on virtual properties. The purpose, however, is not expanding the base of tax, but regulating RMT markets.
This action of government is somewhat confusing in that it started with the big scandal of arcade gambling gaming that are much different from online gaming in Korea. Same as you, I’m wondering(critical) on the effectiveness of the policy.
November 29th, 2006 at 1:21 pm
Sounds interesting, but I wonder how they will enforce this and what sort of punishments RMT companies will get if they continue once the bill is passed. It seems to me that most large Korean RMT companies will just move to somewhere else if they have to, or sell off their stock and close down.
November 29th, 2006 at 4:56 pm
Yes, Right. Many industrial analysts have similar view that there would be little effects of this action on online game markets.
But, Some say that at least this measure could have positive effects against organized gold-farming that destroys the core fun of the game.
My personal interesting point is how the player reponds to this action in her/his playing and RMTing.
March 30th, 2007 at 8:41 pm
[ENG] ITEMMANIA, ITEMBAY won’t be banned…
In my opinion, RMT is inevitable and it’s not an activity which a government can ban. It’s already a mainstream in Korea. I can say that RMT mediating companies like ITEMMANIA, ITEMBAY’s daily basis operation would get affected in some processes, …