Wemade's Jang Hyun-guk: Domestic Game 'Saghaengseong' Law Regulations Need Reconsideration

[Asia Economy Reporter Kang Nahum] Jang Hyun-guk, CEO of Wemade, whose stock price is soaring due to the success of the blockchain-based massively multiplayer online role-playing game (MMORPG) MIR4, argued that a new definition is needed for South Korea's gambling-related legal regulations on games.

On the 18th, at a press conference held on-site at 'G-STAR 2021' in BEXCO, Busan, CEO Jang said, "In Korea, if the game economy or currency comes out of the game, it is defined as gambling. There is serious doubt whether this standard fits game play."

Wemade has long established an economic system that crosses between in-game and reality by issuing its own coin, 'WEMIX.' DRACO, a tokenized form of MIR4's core resource, Black Iron, is issued based on WEMIX. DRACO can be traded on the decentralized exchange (DEX) within the blockchain wallet service WEMIX Wallet. Wemade is currently preparing to launch NFTs of in-game items and characters.

However, since the authorities do not assign ratings to blockchain games due to concerns about gambling, these types of services are currently targeted only at overseas markets.

CEO Jang said, "There are limits to simply allowing NFTs under such game law regulations, and the gambling regulations themselves need to change," adding, "Social discussion and consensus will take a very long time."

He continued, "Wemade is leading the paradigm shift toward P2E, but Wemade did not create it alone, nor is it indispensable," and said, "No one, no company can stop the flow of games, and the challenge is how to turn that flow into quality growth."

CEO Jang also revealed plans to list the virtual currency WEMIX, issued by Wemade, on the world's top 50 exchanges. He said, "WEMIX aims to be the base currency in the gaming world, but in the overall blockchain market, it is one of many currencies," and added, "(To become the base currency) it must be easy to buy and sell. We plan to list on all exchanges ranked within the global top 50."

He also stated, "By the first quarter of next year, 10 more games will be launched on the blockchain platform 'WEMIX,'" and added, "After that, achieving the goal of 'onboarding 100 games' will not be difficult."

This content was produced with the assistance of AI translation services.