China’s anti-crypto regulations have reportedly forced non-fungible token (NFT) game Stepn to ban mainland users starting July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is said to have briefly dropped 38%. .
Stepn adheres to local regulations
Users of NFT gaming app Stepn in mainland China will no longer be able to access the app from July 15, the developers said. The blockade for users from this region should take effect when Stepn stops providing GPS and IP location services.
Despite disclosing plans to no longer serve mainland users, the development team insisted on a tweet that they did not do business with players from the region. The team tweeted:
We apologize for the inconvenience and thank you for your understanding. STEPN has not done any business in mainland China since its inception and has not provided any download channels. STEPN has always placed great emphasis on compliance obligations and always adheres strictly to the relevant requirements of local regulatory authorities.
In addition to the May 26 announcement, the Stepn team said it will continue to update users via social media, email, and in-app notifications of any new details related to the blockade.
The fall of in-game cryptocurrency
Meanwhile, a report from the South China Morning Post said that Stepn’s in-game cryptocurrency fell 38% following the announcement. The report also states that shortly after the announcement, Stepn had become the top search term on Weibo, China’s social media platform.
Described as a move-to-earn game, Stepn allows users to trade the so-called NFT trainers as well as in-game cryptocurrency (GMT) either by walking or running in the real world. In-game cryptocurrency earnings will be converted to either cash or other crypto assets, the report added.
Still, China’s ongoing crackdown on crypto-related companies appears to have forced the development team to take steps to ensure Stepn is compliant with the country’s regulations.
What do you think of this story? Let us know what you think in the comment section below.
photo credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. 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.