- Stepn said it will stop providing GPS services to users whose IP address or GPS location shows them in China on July 15. Without GPS services, players who own its membership-like shoe non-fungible token (NFT) will not be able to earn tokens for their steps.
- The price of GMT was down 38% in the last 24 hours, according to CoinGecko. Stepn NFT shoes were trading around 8.5 SOL on Magic Eden at press time, 3.5 SOL below Wednesday's price.
- Stepn “has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies,” the company said in a tweet, without citing a specific policy. It further stated that Stepn has never engaged in business in China.
- China’s crypto regulatory landscape is vague, however, and Chinese banking associations' scrutiny of NFTs has been on the rise. Considering users need to purchase NFT sneakers to participate in the game, Stepn could be the next target for a crackdown.
- Stepn did not respond to a request for comment by publication time.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.