International Implications of Regulating P2E Games and Virtual Assets

doi:10.15683/kosdi.2026.3.31.266

All Issue

2026 Vol.22, Issue 1 Preview Page Next Page

Original Article

International Implications of Regulating P2E Games and Virtual Assets P2E 게임과 가상자산 규제의 국제적 함의: 남완우*
Wan Woo Nam*; Visting Professor, Department of Law, Jeonju University, Jeonju, Republic of Korea

31 March 2026. pp. 266-273

PDF

Abstract

Purpose: This study examines how blockchain-based Play-to-Earn (P2E) games let users earn and cash out tokens/NFTs, reshaping game economies while increasing risks of money laundering, market manipulation, unfair trading, and youth gambling-like behavior. It also identifies Korea’s regulatory gaps arising from fragmented rules across gaming, AML, and capital markets. Method: Through comparative legal and policy analysis of EU MiCA, U.S. SEC/FinCEN oversight, and FATF AML/CFT standards, the study maps global approaches onto Korea’s regime to derive regulatory benchmarks. It underscores the need for an integrated framework, clearer classification of NFTs and in-game tokens, stronger AML duties, enhanced investor/user protection, and improved disclosure. It further stresses applying the Travel Rule to transfers between game wallets and external wallets/exchanges, supported by technical and compliance upgrades. Result and Conclusion: Korea should build an internationally aligned P2E framework by combining legal clarity with supervisory tools—AML controls, disclosure, market-abuse monitoring, and youth safeguards—so innovation can develop within a credible compliance structure.

Keywords

P2E Games

Virtual Asset Regulation

Crime Prevention

Youth Protection

International Standards

연구목적: 본 연구는 P2E 게임이 토큰·NFT 현금화 구조로 게임산업의 경제·법적 질서를 재편하는 동시에 자금세탁·시세조종·불공정거래와 청소년 도박 유사행위 위험을 확대한다는 점에 주목한다. 또한 게임산업진흥법·특금법·자본시장법 등 분절된 규율로 인한 국내 규제 공백을 진단하고, 건전한 생태계를 위한 통합 규제 방향과 국제적 시사점을 도출하고자 한다. 연구방법: EU MiCA, 미국 SEC·FinCEN 중심 규제·집행, FATF AML/CFT 기준을 비교·분석하고 국내 제도와 대조하여 P2E 규율 대상·범위·수단을 정리하였다. 특히 게임 서비스와 가상자산 가치 이전의 결합을 고려해 AML 의무와 트래블룰 적용 조건을 함께 검토하였다. 연구결과 및 결론: 국내는 게임·금융 통합 규제체계를 구축하고, NFT·유틸리티 토큰·게임 내 경제활동의 법적 성격을 구분하며 AML 의무와 투자자·이용자 보호를 강화해야 한다. 아울러 정보공시, 청소년 보호, 외부 지갑·거래소 연계 트래블룰 구현, 불공정거래 감시체계 도입을 병행할 필요가 있다.

키워드

P2E 게임

가상자산 규제

범죄대응

청소년 보호

국제규범

References

AMF (2023). “MiCA – Deep Dive into ART and EMT.” Autorité des marchés financiers.
Bae, K.P., Jeong, J.H. (2019). “Internet game probabilistic items self-regulation and the role of government.” Ipbeopgwa Jeongchaek, Vol. 11, No. 2, pp. 295-314.
ESMA (2019). “Advice on Initial Coin Offerings and Crypto-Assets.” European Securities and Markets Authority.
ESMA (2023a). “MiCA Regulation Overview.” European Securities and Markets Authority.
ESMA (2023b). “MiCA Official Journal.” European Securities and Markets Authority.
ESMA (2024a). “Guidelines on NFTs under MiCA.” European Securities and Markets Authority.
ESMA (2024b). “NFT Regulation in EU Context.” European Securities and Markets Authority.
Fanusie, Y.J. (2022). “Watch Out for Illicit Actors Gaming Crypto Games.” CNAS, (July 12, 2022).
FATF (2020). Virtual Assets: Red Flag Indicators of Money Laundering and Terrorist Financing, (2020), pp. 7-8.
FATF (2021a). “NFT Guidance Commentary.” Financial Action Task Force.
FATF (2021b). Updated Guidance for a Risk-Based Approach to Virtual Assets and VASPs, (October 2021), p.12.
FATF (2023). Targeted Update on Implementation of the FATF Standards on Virtual Assets and VASPs, (June 2023), pp. 14-16.
FATF (2025). Best Practices on the Implementation of the FATF Standards on Virtual Assets and VASPs: Travel Rule, (June 2025), pp. 6-10.
Financial Services Commission (FSC) (2023). Press Release on the Enforcement of the Virtual Asset User Protection Act.
Financial Services Commission (FSC) (2024). Enforcement Decree of the Virtual Asset User Protection Act.
Gates, K.L. (2023). “French Parliament Takes Steps to Regulate NFT Games.” K&L Gates.
Kang, J.S. (2022). “P2E games and changes in social perception.” Game Studies Research, Vol. 26, No. 4, pp. 55-59.
Kim, D.C., Kim, H.I. (2023). “From play to labor: The potential of Blockchain-based P2E games.” Journal of the Korean Game Society, Vol. 23, No.1, pp.15-24. 10.7583/JKGS.2023.23.1.15
Plante, E. (2022). “$30 Million Seized: How the Cryptocurrency Community Is Making It Difficult for North Korean Hackers To Profit.” Chainalysis in Action, (September 8, 2022).
SEC v. W.J. Howey Co. (1946). 328 U.S. 293.
Shin, K.H. (2022). Key Contents of the EU Markets in Crypto-Assets (MiCA) Bill. Korea Capital Market Institute, (September 5, 2022).
Song, H.Y. (2020). “A legal study on the regulation of unfair trading in the virtual asset market.” Eunhaengbeop Yeongu, Vol. 13, No. 2, pp. 352-356.
U.S. Department of the Treasury (2022). U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats. Press Release, (May 6, 2022).
Won, J.H., Park, S.J. (2023). “A study on regulatory improvements for the P2E Game Industry.” Korea Law Review (Goryeo Beobhak), No.110, pp. 181-220. 10.36532/kulri.2023.110.181
Yoon, T.Y. (2022). “Legal issues of blockchain-based P2E games.” Sports Entertainment wa Beop, Vol. 25, No. 3, pp. 3-21.
Yoon, Y.S. (2022). “The necessity of legal regulation on probability-type items.” Beobhak Nonchong, Vol. 35, No. 1, pp. 87-131.

Information

Publisher :The Korean Society of Disaster Information
Publisher(Ko) :한국재난정보학회
Journal Title :Journal of the Society of Disaster Information
Journal Title(Ko) :한국재난정보학회논문집
Volume : 22
No :1
Pages :266-273
DOI :https://doi.org/10.15683/kosdi.2026.3.31.266

[1] AMF (2023). “MiCA – Deep Dive into ART and EMT.” Autorité des marchés financiers.

[2] Bae, K.P., Jeong, J.H. (2019). “Internet game probabilistic items self-regulation and the role of government.” Ipbeopgwa Jeongchaek, Vol. 11, No. 2, pp. 295-314.

[3] ESMA (2019). “Advice on Initial Coin Offerings and Crypto-Assets.” European Securities and Markets Authority.

[4] ESMA (2023a). “MiCA Regulation Overview.” European Securities and Markets Authority.

[5] ESMA (2023b). “MiCA Official Journal.” European Securities and Markets Authority.

[6] ESMA (2024a). “Guidelines on NFTs under MiCA.” European Securities and Markets Authority.

[7] ESMA (2024b). “NFT Regulation in EU Context.” European Securities and Markets Authority.

[8] Fanusie, Y.J. (2022). “Watch Out for Illicit Actors Gaming Crypto Games.” CNAS, (July 12, 2022).

[9] FATF (2020). Virtual Assets: Red Flag Indicators of Money Laundering and Terrorist Financing, (2020), pp. 7-8.

[10] FATF (2021a). “NFT Guidance Commentary.” Financial Action Task Force.

[11] FATF (2021b). Updated Guidance for a Risk-Based Approach to Virtual Assets and VASPs, (October 2021), p.12.

[12] FATF (2023). Targeted Update on Implementation of the FATF Standards on Virtual Assets and VASPs, (June 2023), pp. 14-16.

[13] FATF (2025). Best Practices on the Implementation of the FATF Standards on Virtual Assets and VASPs: Travel Rule, (June 2025), pp. 6-10.

[14] Financial Services Commission (FSC) (2023). Press Release on the Enforcement of the Virtual Asset User Protection Act.

[15] Financial Services Commission (FSC) (2024). Enforcement Decree of the Virtual Asset User Protection Act.

[16] Gates, K.L. (2023). “French Parliament Takes Steps to Regulate NFT Games.” K&L Gates.

[17] Kang, J.S. (2022). “P2E games and changes in social perception.” Game Studies Research, Vol. 26, No. 4, pp. 55-59.

[18] Kim, D.C., Kim, H.I. (2023). “From play to labor: The potential of Blockchain-based P2E games.” Journal of the Korean Game Society, Vol. 23, No.1, pp.15-24. 10.7583/JKGS.2023.23.1.15

[19] Plante, E. (2022). “$30 Million Seized: How the Cryptocurrency Community Is Making It Difficult for North Korean Hackers To Profit.” Chainalysis in Action, (September 8, 2022).

[20] SEC v. W.J. Howey Co. (1946). 328 U.S. 293.

[21] Shin, K.H. (2022). Key Contents of the EU Markets in Crypto-Assets (MiCA) Bill. Korea Capital Market Institute, (September 5, 2022).

[22] Song, H.Y. (2020). “A legal study on the regulation of unfair trading in the virtual asset market.” Eunhaengbeop Yeongu, Vol. 13, No. 2, pp. 352-356.

[23] U.S. Department of the Treasury (2022). U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats. Press Release, (May 6, 2022).

[24] Won, J.H., Park, S.J. (2023). “A study on regulatory improvements for the P2E Game Industry.” Korea Law Review (Goryeo Beobhak), No.110, pp. 181-220. 10.36532/kulri.2023.110.181

[25] Yoon, T.Y. (2022). “Legal issues of blockchain-based P2E games.” Sports Entertainment wa Beop, Vol. 25, No. 3, pp. 3-21.

[26] Yoon, Y.S. (2022). “The necessity of legal regulation on probability-type items.” Beobhak Nonchong, Vol. 35, No. 1, pp. 87-131.

Journal of the Society of Disaster Information ISSN:1976-2208(Print) 2671-5287(Online) 한국재난정보학회논문집

All Issue