The CEO of Mythical Games says that US regulatory uncertainty accounted for the firm’s conservative stance on crypto
US regulatory uncertainty surrounding digital assets has prompted California-based game studio Mythical Games to take a conservative approach to the use of cryptocurrencies and related services in its games, CEO John Linden said. Discard in a group media interview on April 20.
“If it was a very, very clear rule, I think we would have tried other things,” said Linden, who revealed that the company is planning a traditional stock raising with no plans for initial coin offerings (ICOs) where companies issue crypto. tokens to collect investments.
US authorities have cracked down on the crypto sector, despite several statements from crypto service providers expressing confusion over seemingly unclear standards for enforcement, particularly when it comes to classifying cryptocurrencies and related services as financial securities.
Coinbase, the largest cryptocurrency exchange in the United States, filed a lawsuit against the US Securities and Exchange Commission on Monday, asking the regulator to publicly respond to its July 2022 petition for clearer crypto regulatory guidelines.
“The hostile and uncertain regulatory climate in the US has introduced an unpredictable operating environment that affects the entire US business community,” Binance.US also said in a tweet on Wednesday.
Mythical’s game series allows players to turn their characters or achievements into tradable non-fungible tokens without in-game cryptocurrencies, Linden explained.
In October 2022, the company established the Mythos Foundation to manage the Mythos blockchain gaming ecosystem and the Mythos token. Mythical uses the Mythos token as the utility token in its native blockchain and NFT marketplace, but clarifies that the foundation is run independently and Mythical Games does not have its own cryptocurrency.
The foundation facilitates the Mythos DAO (decentralized autonomous organization) to encourage game developers, game guilds and esports teams to participate in the Web3 ecosystem. Members include global companies such as Animoca Brands, Ubisoft, Kakao Games and LINE.
See related article: Coinbase ups the ante with the SEC, asking the court to demand crypto clarity from the regulator
Web 3.0 generally refers to the construction of a decentralized internet typically built around blockchains, the underlying technology of cryptocurrencies. Examples include cryptocurrencies, non-fungible tokens, and the metaverse.
Linden said in the group interview that he hoped to identify non-US partners during his visit to South Korea as Mythical eyes global expansion.
In South Korea, games with elements of blockchain technology are banned due to potential market speculation among players. But Mythical is following regulatory developments around the world, Linden said, declining to share details about the expansion in South Korea.
“It’s not just about releasing a game in Korea at this point,” Linden added, explaining that Mythical is seeking opportunities to bring “unique” intellectual property in South Korea and Japan to the West, with his team in discussion with K-pop groups for potential partnerships.
Mythical’s Asia focus remains on South Korea and Japan, but Linden says the company is bullish on Web3 growth throughout Asia-Pacific. “I think it’s also moving in the fastest [putting] really concrete regulatory movements going forward.”
Founded in 2018, Mythical Games has around 1.5 million players with its open multiplayer Web3 game Blankos Block Party. The new football game NFL Rivals is set to launch globally at 8pm Eastern Time on April 26.
See related article: Japan’s Web3 pivot needs global thinking, flexibility to succeed, says incubator founder
