E-currency for Gamers Regulated in China

Source in Chinese

Summary:

New regulations were jointly inked by the China Mnistry of Culture and the China Minisry of Commerce on e-currency, virtual currencies typically used for on-line gamers.

What are regulated:

1. “Official” definition for e-currency defined;
2. Business offering e-currecy must register and get approval from related authorities. E-currency is limited for exchanging goods and services provided by the issuer, and any forms of exchange with any goods or services provided by non-issuers of the e-currency.
3. Requirements on keeping consumers’ e-currency transaction records, for protecting consumers’ interest.
4. On-line trading of e-currency limited to adults only.