CMB Policy Decision and Gaming Tokens

Some of the tokens that attracted attention from crypto bulls in recent years were gaming tokens. Thanks to these tokens, a “pre-financing” opportunity and “hype” were provided for the projects, especially before the games were released to the market. However, as we used in our previous article, in many projects “the show is over when the crypto asset mask is removed” and these tokens remain a memory that should be avoided for many investors. In fact, according to the most prominent names in the gaming industry in Turkey, crypto assets and games already have incompatible dynamics.

In this article, let’s approach the issue legally within the scope of the CMB Principle Decision dated 19.09.2024. With the CMB Policy Decision, “NFT and crypto assets used only to create or provide various elements in virtual games” are excluded from the listing principles.

First of all, it is positive that tokens used only for use in games are subject to a separate class and are not considered as ordinary “security tokens”. However, leaving gaming tokens as an “unregulated” area is not possible and would mean diverging from international regulations. The fact that these tokens can easily be used for money laundering purposes is the most serious public risk. However, there are also individual risks. These tokens, which represent a value used in in-game purchases for consumer users when the “crypto mask is removed”, need to be regulated both in terms of payment legislation and consumer legislation. Gaming tokens, and more broadly, “virtual currencies” used for in-game purchases, are the subject of legislation in many countries.

To sum up, the “behind the crypto mask” in gaming tokens is not regulated sufficiently at the moment. For this reason, game studios are a little more comfortable in Türkiye. However, it should not be forgotten that foreign legislation studies may find application in terms of games that reach an international user base and may also affect the studies to be carried out in Turkey in the future.

On the other hand, it appears that the “crypto mask” in gaming tokens is subject to the CMB Policy Decision. For now, this mask gives gaming tokens a different quality than “securities”. Platforms that will list these tokens are required to make a notification if they process these assets following the publication of this CMB Policy Decision. In addition, the assets in question are determined by the platforms;

Trading in a separate market other than the assets listed within the scope of the law means, “Assets traded in this market are outside the listing principles of the Capital Markets Law No. 6362 and are not subject to the supervision and control of the Capital Markets Board.” The order must be taken after confirming that this information message has been read and understood by the investor.

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