Posts Tagged ‘virtual item’

New RMT Prohibition Law Willing to Block Gold Farmers

January 27th, 2012

A prohibition law of real money trade(RMT) for virtual item led by the Ministry of Culture, Sports, and Tourism(MCST) was revised significantly yesterday.

The revised law prohibits RMT from only those who own corporation or business license while the previous one had banned all the RMTs from Teen games whereby even adult players who play the Teen games could not cash out their items.

So the adults are now legally allowed making money out of their virtual items via a legal broker site while so called professional gold farmers who grind virtual items as a job to sell them to other gamers with the real money are completely blocked.

The game industry is looking forward to rooting out the gold farmers who have generated abnormal amount of in-game money and items.

However there are still the odds the gold farmers might disguise as personal traders instead of professional traders because they have just needed the business license in order to be legally exempted from paying taxes. So they can still do their job and pay little bit more taxes now.

“The new law will definitely bring a certain outcome since it literally blocks the teens’ RMT. But I still doubt if this could block the gold farmers using all kinds of expedients. To be more effective, more laws are needed to clarify the regulation,” said an industry official.

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Buying Virtual Item Is Indeed Illegal

December 28th, 2010

The Supreme Court of Korea has judged the site for cash transaction on online game virtual item is a harmful material to?juniors. One of the sites has lost its lawsuit over the?revocation of the designation announcement of the harmful?material?to juniors on December 27.

From now on, all the cash transaction sites must run adult authentication and indicate harmful material sign to all visitors.

The companies had appealed that the Ministry of Health and Welfare and the Commission on Youth Protection did not follow legal steps and trading virtual items cannot be seen as promoting gambling. To that, the courts said “the virtual items are liquidity and could also be considered as gambling if the buyers get clung to them. Therefore cash transaction site also have great responsibility. In addition, designating harmful material is legitimate as the number of leak of personal information and illegal acts are getting increased.”

Selling virtual items



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Illegal Chinese Item Farmers Caught

December 17th, 2010

On December 16, Korea Customs Service in Incheon caught group of people who tried to illegally transfer the money from selling virtual items of online games to China.

The group seems has been requested from Chinese dealer in 2005 and has transferred about US$ 19.5m to China since last May. They are arrested under suspicion of violation of the Foreign Exchange Transaction Act without detention.?Four more suspicious people in China related to the case are on the wanted list.

Chinese virtual item farmers are selling virtual money and virtual items earned by using auto grinding programs with hacked Korean IDs.

The customs assume the total money transferred to China illegally for past 5 years would be US$ 90m include US$ 17m from selling virtual items.


Item farmers in China


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