Korean Court Strikes Down Penalties for RMT

So the big news around the VW blogosphere today is the Korean Supreme Court’s ruling that puts virtual currency and property on the same level as real currency and property.  Well, almost.  Before we get too far ahead of ourselves (ahem, CNET), let’s review the facts… The ruling, as recounted in the Korean newspaper Joong Ang Daily, relates to an exchange, between two players of Lineage II, of real money for in-game currency.  Up to now, South Korea imposed a fine on players who were caught engaging in RMT (real money trading).  The SCOSK struck down that penalty, allowing players to trade currencies with impunity.  What the ruling does not seem to do is legalize RMT in violation of a games TOS (sorry WoW players).  Nevertheless, it seems to me that the long-term effect of the decision might be to further recognize the serious business potential that these worlds present.

So… remember yesterday when I talked about how that $330k transaction for a space station in Project Entropia Universe was going to be a big deal, well, now that virtual currency and property has a foothold in legitimacy, the future of online game economies just got a whole lot more interesting!

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About Justin Kwong

An attorney in the Twin Cities and adjunct professor at William Mitchell College of Law where I teach a seminar on the law of virtual worlds.
This entry was posted in Contracts and Agreements, International News, Litigation, Rights and Civil Liberties, Virtual Currency and tagged , , , , , , , , . Bookmark the permalink.

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