“Crypto P2E Game Not Protected By Law” Shanghai Court

What Is Crypto P2E Game ? Here’s What Chinese Court Claimed On It’s Legality

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Play-to-Earn (P2E) crypto games are not protected by law, a Chinese court claimed on Tuesday.

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In a case in Shanghai, the firm invested 700,000 yuan (US$101,700) in the defendant in 2021.

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As assets devalued throughout the 2022 market plunge, the defendant sold the cryptocurrencies held in the game accounts, pocketing 110,000 yuan in profits.

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The initial 700,000 yuan investment was not protected by law but the defendant must return the 110,000 yuan profit to the plaintiff.

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In December 2022, a local court in Shenzhen had ruled that transactions between cryptocurrencies and fiat are not permitted.

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In September 2022, the court’s another verdict said that although China prohibits crypto trading, cryptocurrencies themselves can be protected by law as virtual assets.

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Despite Beijing’s blanket ban on cryptocurrencies in September 2021, crypto-related activities in the country saw a significant rebound in 2022.

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