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GameFi - Legal Setup for Web3 Gaming Platforms
The world of decentralized crypto gaming is growing fast. Create an in-game economy in your own play-to-earn GameFi project. LegalBison will provide all the necessary legal and technical assistance.
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Full GameFi company incorporation
Streamlining banking gateways for fiat
Legal support at every stage of the project
Common services of GameFi platforms and their regulation
Legal Services for GameFi
GameFi is a blockchain-based ecosystem that combines decentralized finance with online gaming. Such games are purely play-to-earn since they use their own cryptocurrencies and NFTs to incentivize potential players. In order to earn crypto tokens and NFTs in-game, players must complete various tasks and participate in battles against other players.
An innovative and promising concept of web3 games raises an important question: how to legally operate such a project and create a clean and stable reputation in the eyes of both regulators and players? LegalBison has studied the most important aspects of GameFi that might require regulation.
GameFi Token
Issuance of a native token for crypto gaming
Starting your own GameFi project requires the issuance of a native cryptocurrency token or an in-game NFT. These will be used as currency for players to earn and trade. With the game’s native token, gamers in the ecosystem will be able to purchase land, character skins, costumes, weapons, and other in-game items depending on the nature of the project.
In order to offer your crypto token or an NFT to players, you must first launch one in such a way that would keep it within the regulatory framework. Based on the nature of a token, it is crucial to ensure that it won’t classify as a security and thus invoke the need for additional licensing. It is also worth verifying whether the income generated from the token is subject to any form of tax, as well as looking into ways of preventing possible money laundering on the side of token users.
Compliance
AML-CFT compliance with crypto gaming regulations
The need for a license for a GameFi project is a double-edged sword. If, through a detailed analysis of all the included business models, the lawyers have indicated that a GameFi startup requires a cryptocurrency gaming license, complying with the AML-CFT rules will be one of the primary assignments.
Web3 gaming projects that involve fiat currencies in any way or another (on-/off-ramping and the connection of fiat wallets to a gaming account) will require a crypto license, which comes with an obligatory AML-CFT requirement. In order to fulfill it, the lawyers must draw up and submit a compliance program designed according to the criteria of a particular regulator.
Due Diligence
KYC identification for GameFi clients
If a GameFi project must deal with a regulator, the regulator will most likely require the passing of a due diligence process. The main goal of it is to ensure that the crypto assets gained by participants in-game will not be used for money laundering and other unauthorized procedures.
The due diligence procedure will involve a mandatory KYC check for all customers involved in on-ramp or off-ramp transactions. That is to say, regulators will only require a due diligence check from those web3 game platforms that use fiat currencies.
Technical Audit
IT infrastructure and technical audit of a crypto gaming platform
Every user experience with a GameFi platform starts with connecting a cryptocurrency wallet. With the use of a wallet, players will be able to purchase the game’s native tokens that will give them a pass to the virtual world. Later, they will use the same wallet for transferring their in-game rewards earned through the P2E system.
Ensuring the safe connection of clients’ wallets, as well as the inner security of your gaming program, is part of the IT infrastructure, which must be dealt with diligently regardless of the need for a license. It also accounts for the safety of crypto assets which participants gain through playing and later keep in their gaming accounts. It might be useful to access GameFi development services from a professional technician before launching your platform, and LegalBison can assist you with finding one.
Banking
Banking and the financial structure of a GameFi project
While there are crypto-only P2E games, some of them also involve trading for fiat currencies. For instance, players can connect their bank accounts to the game in order to exchange fiat for crypto, which would allow them to purchase in-game items. In the same way, NFTs purchased in-game can be eventually traded for fiat currencies. These processes are known as on-ramping and off-ramping.
GameFi startups that involve fiat come with certain risks from the regulatory point of view. For starters, any P2E project using fiat will be subject to licensing before being taken to the market. Being granted access to banking services will be an extra challenge since most fiat banks are biased toward any crypto-related projects.
Taking all these factors into account, it is important to define the business models involved in your web3 gaming startup or, better, have them evaluated by a professional legal expert.
DeFi Features
Adding DeFi elements to your GameFi DApp
It is possible to expand your GameFi project by adding extra DeFi services to it. These might include staking, liquidity mining, and yield farming. Staking, which is essentially the locking of crypto assets to ensure the operation of a blockchain, can serve as an additional source of income for players.
Liquidity mining, in turn, is the most surefire way of providing high liquidity for the platform by lending assets to the platform for special rewards. Similar to it is yield farming, in which participants use smart contracts to lend their crypto assets to other members of the DeFi ecosystem in order to gain interest and generate passive income.
Another DeFi element of huge importance is the platform’s native DAO (decentralized autonomous organization). Since one of the main ideas of GameFi is creating a strong and stable community, voting for various in-game updates or new projects through DAO can give a huge team-building boost. Players can participate in voting by locking their governance tokens within the DAO and thus enhancing their voting power.
Fusing GameFi and DeFi elements can be a challenging task, especially without enough technical know-how. The best approach would be to consult an IT specialist with enough experience in both GameFi and DeFi projects.
Issuance of a native token for crypto gaming
Starting your own GameFi project requires the issuance of a native cryptocurrency token or an in-game NFT. These will be used as currency for players to earn and trade. With the game’s native token, gamers in the ecosystem will be able to purchase land, character skins, costumes, weapons, and other in-game items depending on the nature of the project.
In order to offer your crypto token or an NFT to players, you must first launch one in such a way that would keep it within the regulatory framework. Based on the nature of a token, it is crucial to ensure that it won’t classify as a security and thus invoke the need for additional licensing. It is also worth verifying whether the income generated from the token is subject to any form of tax, as well as looking into ways of preventing possible money laundering on the side of token users.
AML-CFT compliance with crypto gaming regulations
The need for a license for a GameFi project is a double-edged sword. If, through a detailed analysis of all the included business models, the lawyers have indicated that a GameFi startup requires a cryptocurrency gaming license, complying with the AML-CFT rules will be one of the primary assignments.
Web3 gaming projects that involve fiat currencies in any way or another (on-/off-ramping and the connection of fiat wallets to a gaming account) will require a crypto license, which comes with an obligatory AML-CFT requirement. In order to fulfill it, the lawyers must draw up and submit a compliance program designed according to the criteria of a particular regulator.
KYC identification for GameFi clients
If a GameFi project must deal with a regulator, the regulator will most likely require the passing of a due diligence process. The main goal of it is to ensure that the crypto assets gained by participants in-game will not be used for money laundering and other unauthorized procedures.
The due diligence procedure will involve a mandatory KYC check for all customers involved in on-ramp or off-ramp transactions. That is to say, regulators will only require a due diligence check from those web3 game platforms that use fiat currencies.
IT infrastructure and technical audit of a crypto gaming platform
Every user experience with a GameFi platform starts with connecting a cryptocurrency wallet. With the use of a wallet, players will be able to purchase the game’s native tokens that will give them a pass to the virtual world. Later, they will use the same wallet for transferring their in-game rewards earned through the P2E system.
Ensuring the safe connection of clients’ wallets, as well as the inner security of your gaming program, is part of the IT infrastructure, which must be dealt with diligently regardless of the need for a license. It also accounts for the safety of crypto assets which participants gain through playing and later keep in their gaming accounts. It might be useful to access GameFi development services from a professional technician before launching your platform, and LegalBison can assist you with finding one.
Banking and the financial structure of a GameFi project
While there are crypto-only P2E games, some of them also involve trading for fiat currencies. For instance, players can connect their bank accounts to the game in order to exchange fiat for crypto, which would allow them to purchase in-game items. In the same way, NFTs purchased in-game can be eventually traded for fiat currencies. These processes are known as on-ramping and off-ramping.
GameFi startups that involve fiat come with certain risks from the regulatory point of view. For starters, any P2E project using fiat will be subject to licensing before being taken to the market. Being granted access to banking services will be an extra challenge since most fiat banks are biased toward any crypto-related projects.
Taking all these factors into account, it is important to define the business models involved in your web3 gaming startup or, better, have them evaluated by a professional legal expert.
Adding DeFi elements to your GameFi DApp
It is possible to expand your GameFi project by adding extra DeFi services to it. These might include staking, liquidity mining, and yield farming. Staking, which is essentially the locking of crypto assets to ensure the operation of a blockchain, can serve as an additional source of income for players.
Liquidity mining, in turn, is the most surefire way of providing high liquidity for the platform by lending assets to the platform for special rewards. Similar to it is yield farming, in which participants use smart contracts to lend their crypto assets to other members of the DeFi ecosystem in order to gain interest and generate passive income.
Another DeFi element of huge importance is the platform’s native DAO (decentralized autonomous organization). Since one of the main ideas of GameFi is creating a strong and stable community, voting for various in-game updates or new projects through DAO can give a huge team-building boost. Players can participate in voting by locking their governance tokens within the DAO and thus enhancing their voting power.
Fusing GameFi and DeFi elements can be a challenging task, especially without enough technical know-how. The best approach would be to consult an IT specialist with enough experience in both GameFi and DeFi projects.
Secure your Cryptocurrency Gaming License
Let’s achieve the full potential of your web3 gaming project.
While you focus on execution, LegalBison can take care of the whole legal and corporate structuring part, as well as the licensing requirements, on your behalf.
Operate hands-free, with the certitude of being properly protected and advised. Contact us now for a free consultation.
Guiding questions to properly prepare a GameFi project
The six questions below function as beacons that will help you define whether you have properly set up and structured your GameFi project. For each of the questions, you might need the assistance of a professional legal analyst, thus the services of LegalBison would be indispensable.
STEP 1 OF 6
Will your project require a license?
Have you thoroughly analyzed the involved business models? Are you sure that none of them will require a legal permit?
STEP 2 OF 6
Have you launched a native token?
Did you properly set up your platform’s own native token? Did you make sure that it wouldn’t classify as a security token?
STEP 3 OF 6
Did you ensure the acceptance of various crypto wallets?
Have you streamlined the process of connecting user wallets to the platform? Have you created a list of supported wallets?
STEP 4 OF 6
Have you set up the IT infrastructure?
Did you properly arrange the cybersecurity of your GameFi? Will you be ready to conduct a technical audit if required by the regulator?
STEP 5 OF 6
Did you think of including on-/off-ramping services?
Will your platform deal with fiat currencies? If yes, will it involve both on-ramp and off-ramp? How will you regulate them?
STEP 6 OF 6
Have you thought about providing DeFi features?
Did you arrange such DeFi products as staking, liquidity mining, and yield farming for your GameFi? Have you created a DAO?
Legal implications of GameFi
Run your GameFi platform safely
Licenses
Licensing requirement
The preparation of any GameFi project starts with analyzing the need for a license, which usually depends on the crypto gaming regulations of the country you are opening a business in. As a rule, a crypto license is needed if a platform offers any kind of crypto-to-fiat or fiat-to-crypto transactions. A gambling license, on the other hand, is required if the presented games have an element of pure randomness in them.
The best way to define whether your startup will require a license is to trust a partner like LegalBison: by analyzing all the involved business models, our lawyers will evaluate the best regulatory scenario for each.
Company Registration
Company incorporation for a GameFi project
Incorporation and company structuring are other crucial preparatory steps for a web3 gaming startup. Whether a company requires a license or not, forming a company comes with multiple legal implications and administrative subtleties. At this stage, LegalBison either purchases a ready-made company with a crypto or gambling license (if the project requires one) or builds an entirely new company from the ground up. The decision depends solely on the client’s expectations, budget, and requests.
Anti Money Laundering
Anti-Money Laundering procedures
If a GameFi startup requires a license, the AML-CFT compliance will be the first preparatory step. In tandem with drafting the company’s AML compliance policy, LegalBison has the experience to provide key stakeholders with mandatory AML training materials. Preventing money laundering is one of the primary goals of a legal permit, hence the strict compliance requirements set forth by every regulator.
KYC Policies
Know Your Customer (KYC) policies
The due diligence procedure involves passing a test from the authority that would define the ability of a platform to properly identify its customers and ensure that their in-game earnings will not be used for any fraudulent activities. Once again, this process only concerns those GameFi startups that need a crypto license for fiat-to-crypto transactions. Lawyers at LegalBison have a full comprehension of the due diligence process, hence the administrative side is always taken care of flawlessly.
Licensing requirement
The preparation of any GameFi project starts with analyzing the need for a license, which usually depends on the crypto gaming regulations of the country you are opening a business in. As a rule, a crypto license is needed if a platform offers any kind of crypto-to-fiat or fiat-to-crypto transactions. A gambling license, on the other hand, is required if the presented games have an element of pure randomness in them.
The best way to define whether your startup will require a license is to trust a partner like LegalBison: by analyzing all the involved business models, our lawyers will evaluate the best regulatory scenario for each.
Company incorporation for a GameFi project
Incorporation and company structuring are other crucial preparatory steps for a web3 gaming startup. Whether a company requires a license or not, forming a company comes with multiple legal implications and administrative subtleties. At this stage, LegalBison either purchases a ready-made company with a crypto or gambling license (if the project requires one) or builds an entirely new company from the ground up. The decision depends solely on the client’s expectations, budget, and requests.
Anti-Money Laundering procedures
If a GameFi startup requires a license, the AML-CFT compliance will be the first preparatory step. In tandem with drafting the company’s AML compliance policy, LegalBison has the experience to provide key stakeholders with mandatory AML training materials. Preventing money laundering is one of the primary goals of a legal permit, hence the strict compliance requirements set forth by every regulator.
Know Your Customer (KYC) policies
The due diligence procedure involves passing a test from the authority that would define the ability of a platform to properly identify its customers and ensure that their in-game earnings will not be used for any fraudulent activities. Once again, this process only concerns those GameFi startups that need a crypto license for fiat-to-crypto transactions. Lawyers at LegalBison have a full comprehension of the due diligence process, hence the administrative side is always taken care of flawlessly.
Our clients' pick for launching their crypto gaming platforms
Best jurisdictions for a GameFi project
Crypto License in AnjouanCrypto License in Anjouan
on request
- Very fast licensing process
- Low requirements
- Recognized by banking institutions
LabuanCrypto License in Labuan
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- Reliable offshore jurisdiction
- Asian crypto license
- Low corporate tax
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How does our expert help you to successfully launch your decentralized game
Examples of LegalBison's assistance with GameFi projects
LegalBison applies its expertise in both the technical and administrative sides of GameFi companies in order to help clients with the establishment and gradual growth of their startups. Here are some examples of practical solutions for GameFi startups from LegalBison’s professional experience.
Do you need a cryptocurrency gaming license?
The primary step in any GameFi platform development is analyzing the need for a license. If a company plans to utilize crypto-to-fiat transactions, it will require a crypto license. Apart from giving the company an adequate level of trustability from the clients, it will also account for the trust of banks, and a banking gateway is key to the successful streamlining of on-ramp and off-ramp transactions.
The need for a license is defined through the preparation of a legal opinion. LegalBison’s lawyers carefully study the business models involved in a GameFi project and evaluate the potential license requirement for each. One of the most popular framework for crypto gaming is the crypto license in Costa Rica.
Do you need an online gambling license?
Conversely, your GameFi might need a gambling license: for example, if it has inbuilt games of chance that pay out in crypto. A good example of this is lootboxes: redeemable virtual crates that contain randomized in-game items.
Whenever a player purchases a lootbox for a certain amount of in-game currency, the prizes inside do not always correspond to the box’s value. If you intend to add lootboxes to your GameFi ecosystem, you will be obliged to obtain a gambling license.
The need for a legal permit is assessed through a legal opinion: through it, the lawyers at LegalBison analyze the project at hand and indicate which license will suit each business model best. One of the most popular framework for crypto gaming is the gambling license in Costa Rica.
Banking account opening assistance for crypto gaming platforms
Whether a GameFi project needs a license or not, it is likely to require a bank account: most often, for the company’s corporate needs. Here, we separate the notions of a banking gateway for in-game payments and a corporate bank account of the company itself. Given the volatility of the crypto market, banks tend to be cautious, if not prejudiced, toward crypto companies. LegalBison undertakes to create a banking account for the client within the required timeframe.
Ongoing legal support for your GameFi project
In case you decide to implement fiat into your GameFi platform with time, a need for a license might incur. It comes with an obligation to fulfill a list of licensing requirements set forth by the regulator. By staying in touch with LegalBison, who guarantees to provide continuous legal support and ad-hoc advice at every stage of the project, you will be able to obtain a crypto license without any obstacles on the way.
Full preparatory procedure for your Web3 Game
Let LegalBison take care of it: start with a free consultation and the lawyers will get your crypto gaming project underway.
Price
on request
Duration
from 1 week
FAQ about our legal assistance for the set up of a web3 game
The right path forward, regardless of project stage
The field of crypto gaming (GameFi, crypto casinos and such) is still fairly fresh, and regulators worldwide haven’t yet formulated a cookie-cutter framework. As most of these projects are either hybrid (crypto + gambling) or decentralized (DApps), they come in all forms and flavours. This is also for this very reason that personalized legal expertise is highly adviseable and why we invite every leader of a GameFi project to get in touch with us.
The price of starting a GameFi company depends on its business model, the need for a license (crypto/gambling), the technical setup, and the addition of DeFi elements to the platform. The final cost of launching your specific project can be calculated by the experts of LegalBison.
In the majority of cases, a company — either an already existing one or the one formed from scratch by our experts. Then, your GameFi might require either a crypto or a gambling license but it will depend purely on the nature of the project and its business model. We highly advise you to get a consultation with our legal experts to define which route will be most preferable for your particular project.
Yes, definitely, and it might be a wise investment considering the growing popularity of GameFi. To take the first step toward launching your GameFi, contact LegalBison for primary legal assistance.
Usually, no, since the blockchain technology on which GameFi is built eliminates the need for a centralized authority. However, in certain cases, either a crypto or a gambling license will be indispensable. For more details, contact the experts at LegalBison for a free primary consultation.
Yes, of course, crypto staking is a fairly popular service that can increase the client flow to your GameFi. In order to set up staking without complications, reach out to the technical experts at LegalBison.
Planning to launch your web3 game, crypto casino or blockchain gaming platform? Stay on the safe side.
Benefit from a free consultation for your GameFi project. A dedicated LegalBison expert will guide you through the legal implications of web3 gaming platforms.
Contact our GameFi legal experts
Our team of experts will be glad to provide you with answers and a one-stop-shop solution to all your legal corporate needs.