STEPN to Bar 'Move-to-Earn' for China-Based Users in July

• STEPN said it volition halt providing GPS services to users whose IP code oregon GPS determination shows them successful China connected July 15. Without GPS services, players who ain its membership-like footwear NFT volition not beryllium capable to gain tokens for their steps.

• The reward token GMT was down 38% successful the past 24 hours, according to CoinGecko. STEPN NFT shoes were trading astir 8.5 SOL connected Magic Eden astatine property time, 3.5 SOL beneath Wednesday's price.

• “STEPN has ever attached large value to compliance obligations and ever strictly abides by the applicable requirements of section regulatory agencies,” the institution said successful a tweet, without citing a circumstantial policy. It further stated that STEPN has ne'er engaged successful concern successful China.

• China’s crypto regulatory scenery is vague, however, Chinese banking institution’s scrutiny of NFTs has been connected the rise. Considering users request to acquisition NFT sneakers to enactment successful the game, STEPN could beryllium the adjacent people for a crackdown.

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