New Metaverse game: marketing, non-sucking, making history?

The Metaverse is developing rapidly, and its technology is constantly updated and iterative. As a brand-new social form, its complexity and multi-dimensionality are unprecedented, and the compliance issues involved are endless. Last month, a domestic factory’s “Metaverse + Liquor + Blockchain ” game received an inquiry letter from the GEM company management department again, which attracted the attention of many readers, because the company was previously issued by the GEM company management department. Through the letter of concern, it is required to explain whether there are problems such as repeatedly deliberately rubbing against the hot spots of the Metaverse and gaining market attention .

When everyone talked about this as an after-dinner talk, Sister Sa’s team found that it contained a “doorway” for compliance. In this paper, the key to the compliance of Metaverse games is divided into two parts to discuss: the second iswhether Metaverse games may be suspected of illegally absorbing public deposits ; the second is to prevent inflated business flow and operating income compliance risks .

1. Is it possible that Metaverse Games may be suspected of illegally absorbing public deposits?

Article 176 of China’s Criminal Law stipulates the crime of illegally absorbing public deposits. Its behavior includes not only illegally absorbing public deposits, but also absorbing public deposits in disguised form, that is, it is not necessarily required to promise to repay the principal and interest within a certain period, as long as it is Commitment to perform obligations is the same as absorbing public deposits, it can be regarded as the activity of repayment of principal and interest, and the object of repayment of principal and interest or payment of return promised by the actor may be currency, physical objects, equity, etc.

Regarding the gameplay of “Metaverse game + physical objects” similar to “brewing”, Sister Sa’s team believes that it cannot be regarded as illegally absorbing public deposits . Although from the appearance, it is true that such game companies have not obtained the approval of the financial authorities for their behavior of absorbing funds from unspecified users. Propaganda may also promise that users will obtain benefits from finished products below the market price, and subjectively also has corresponding intentions. It seems that all the constituent elements should be met, and it can be identified as the crime of illegally absorbing public deposits.

However, it should be noted that this kind of behavior can be evaluated as legal behavior with high probability in civil law . Through the Metaverse game, it can be found that when the game user chooses to pick up the goods, a corresponding creditor-debt relationship is formed between the user and the entity enterprise that the game platform cooperates with . The “white wine” and other real objects. This new model may promote the development of the physical industry. Through the sales method and scheme of physical + virtual integration, a new sales module can be formed while ensuring product quality, safety and compliance.

Roxin has something to say: When a behavior that is permitted in any legal field is still subject to criminal punishment, it will be an unbearable value contradiction, and it will also violate criminal law as a social policy. A last resort for this auxiliary. Professor Chen Xingliang also pointed out that according to the principle of the unity of legal order, the unity of legalized causes must be recognized, that is, a legalized cause in one departmental law can also become a legalized cause in another departmental law. Therefore, legal acts stipulated in civil law and administrative law cannot constitute crimes in criminal law.

However, this does not mean that there is absolutely no possibility that such Metaverse games constitute the crime of illegally taking deposits from the public. According to the provisions of Articles 2 and 3 of the Interpretation on Handling Fund-raising Cases, it is illegal to repurchase goods, deposit and sell goods without the true content of selling goods or providing services, or not aiming to sell goods or provide services as the main purpose. If the absorption of funds conforms to the characteristics of illegally absorbing public deposits, it shall be convicted and punished for the crime of illegally absorbing public deposits .

Therefore, if such game companies provide physical commodities by means of commodity repurchase, consignment sales, etc., there may still be the risk of illegally absorbing public deposits. Moreover, if the public deposits absorbed by the game company are not used for legitimate production and business activities , but are used for currency and capital operations (such as issuing loans), it may also be found to be a crime of fraud .

2. Prevent compliance risks of false increase in running water and operating income

In the latest inquiry letter from the management department of the GEM company, the company specifically asked the company to explain whether there is an inflated game business flow and operating income through other companies, organizations, etc., in order to guard against the situation that it is difficult to prove innocence. When it appears, Sister Sa’s team recommends establishing compliance measures in advance to prevent risks .

Sister Sa’s team noted that the accountants’ verification of such issues includes, but is not limited to, the design of internal controls related to game business revenue and the effectiveness of key implementations, the authenticity, accuracy and completeness of information system data, and revenue-related data. Supporting documents, data extraction scripts written by the corporate network center. This also means:

First, the internal control design is regularly verified . In the process of operating the game business, the company needs to regularly verify the internal control design to ensure the effectiveness of the implementation of key controls, and it is best to form a corresponding record ledger. Even if there is a problem, the company can claim that there was no negligence to obtain a mitigation or exemption from the penalty.

Second, improve and strictly implement the company’s financial system . Retain and review the cooperation agreements, account reconciliation and settlement documents, and bank collection vouchers signed by the company and various game operators, and carefully check the collection records and bank collection vouchers of self-operated business in each payment channel in daily operations.

Third, check the business data and financial data of the company’s games in advance , and beware of employees’ personal violations involving innocent units. The corresponding verification process is not complicated. It only needs to verify the integrity of the data, check whether the user registration information and user recharge data collected by the operation platform and database are true and accurate, and check the number of users of the company’s games, recharge flow, login. , consumption and other behavioral data for big data verification.

The above is today’s sharing, thank you readers! The opinions expressed in this article represent the opinions of one family only and do not constitute legal advice . Readers are welcome to leave a message for discussion on the public account. Sister Sa’s team will continue to conduct in-depth research on Metaverse compliance issues and provide readers with professional legal support.

references:

Zhang Mingkai: “Criminal Law (6th Edition)”, Law Press, 6th edition in 2021.

Chen Xingliang: “The Influence of Civil Law on Criminal Law and the Response of Criminal Law to Civil Law”, in “Law and Business Research”, No. 2, 2021.

“Inquiry Letter on the Annual Report of XXX Interactive Network Co., Ltd., GEM Annual Report Inquiry Letter”.

“Announcement of XXX Interactive Network Co., Ltd. on Reply to the Inquiry Letter of Shenzhen Stock Exchange”.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/new-metaverse-game-marketing-non-sucking-making-history/
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