The country managed to snag a top ten spot in #Chainalysis’ 2022 #Crypto Adoption Index, beating top #European countries along the way.
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It remains unclear whether the court’s ruling will be adopted by the rest of China’s #judicial system, but the ruling on P2E #gaming strongly suggests that the law still #perceives them as illegal.
the law because there are no #rules that “negate the #protectability of #cryptocurrency itself as virtual property.”
Despite the court’s ruling, a decision of The First #Intermediate People’s #Court of Beijing ruled that #virtual currencies can be protected
stay away from illegal #financial activities such as virtual #currency trading speculation,” said the court.
“The relevant contracts signed thereby damage the public #interest and should be #invalid. The people should enhance risk awareness, #establish correct #investment concepts
It is crucial to note that since the #blanket ban on digital assets in China, all #investments in the asset class are not #protected under the law.
Case facts showed the plaintiff Li Xiang invested nearly 700,000 yuan ($101,700) with Wang Meng, the #defendant, to create #accounts and play on #Xiang’s behalf.
The case arose in a Shanghai court #concerning Alexie, a #blockchain-based game that became popular in 2021.
Play-to-earn (P2E) games and their in-game assets do not have the same levels of investor protection as traditional #investments, urging players to carry out due #diligence before #investing
A Chinese #court has ruled that virtual currencies held in #blockchain-based #games are not protected under the law.
Court in #China rules #blockchain-based P2E #games are not protected by law
Global regulators are working #assiduously to prevent a repeat of large-scale implosions that cost #investors billions in losses.
Negative #reports of mismanagement of funds have followed the #industry into the new year after enduring a #turbulent 2022.
the team tweeted “we thank everyone who #supported us and we will put out a #refund #plan before the end of May.”
“Important Update: After careful consideration of all the remaining resources at our #disposal and keeping in mind everyone’s best #interest in mind we have decided to #officially end Onepad.
In 2022, Onepad shut down its operations after a top executive was discovered to have #gambled the funds using #leveraged #trading, losing over $400,000 in under three months.
“I am sorry that I did not live up to my #values of #integrity. I am sorry that I let you all down. I am sorry.”
“I will create a separate tweet which will have next steps for each #project I was involved with #including CLU, Xenia, #Gridcraft, and #Goobers,” he wrote.
DNP3 disclosed that a sponsored stream with a gambling company triggered the betting #addiction but added that he is “working with a help #group to start the path to #recovery.”
His #statement revealed that his addiction began in 2022, and trying to recoup the losses #suffered only led to larger #losses.
DNP3 made the #shocking revelation to his #Twitter followers on January 3, admitting his guilt and #expressing remorse
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