{"id":8178,"date":"2026-10-23T17:14:40","date_gmt":"2026-10-23T14:14:40","guid":{"rendered":"https:\/\/legalbit.top\/en\/?p=8178"},"modified":"2026-10-23T17:14:40","modified_gmt":"2026-10-23T14:14:40","slug":"p2e-token-security-payment-or-game-currency","status":"publish","type":"post","link":"https:\/\/legalbit.top\/en\/p2e-token-security-payment-or-game-currency\/","title":{"rendered":"P2E Game Token: Security, Payment Instrument or In-Game Currency?"},"content":{"rendered":"\n<div class=\"lbm\"><svg width=\"0\" height=\"0\" style=\"position:absolute\" aria-hidden=\"true\"><symbol id=\"i-list\" viewBox=\"0 0 24 24\"><path d=\"M9 6h11M9 12h11M9 18h11\"\/><path d=\"M4 6h.01M4 12h.01M4 18h.01\"\/><\/symbol><symbol id=\"i-user\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"8\" r=\"4\"\/><path d=\"M4 21c0-4 3.6-7 8-7s8 3 8 7\"\/><\/symbol><symbol id=\"i-ban\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M5.6 5.6l12.8 12.8\"\/><\/symbol><symbol id=\"i-layers\" viewBox=\"0 0 24 24\"><path d=\"M12 3l9 5-9 5-9-5z\"\/><path d=\"M3 13l9 5 9-5\"\/><\/symbol><symbol id=\"i-eye\" viewBox=\"0 0 24 24\"><path d=\"M2 12s4-7 10-7 10 7 10 7-4 7-10 7S2 12 2 12z\"\/><circle cx=\"12\" cy=\"12\" r=\"3\"\/><\/symbol><symbol id=\"i-doc\" viewBox=\"0 0 24 24\"><path d=\"M7 3h8l4 4v14H7z\"\/><path d=\"M15 3v4h4M10 12h6M10 16h6\"\/><\/symbol><symbol id=\"i-pen\" viewBox=\"0 0 24 24\"><path d=\"M4 20l4-1 11-11-3-3L5 16z\"\/><path d=\"M14 6l3 3\"\/><\/symbol><symbol id=\"i-alert\" viewBox=\"0 0 24 24\"><path d=\"M12 3l10 18H2z\"\/><path d=\"M12 10v4M12 17.5h.01\"\/><\/symbol><symbol id=\"i-bulb\" viewBox=\"0 0 24 24\"><path d=\"M9 18h6M10 21h4\"\/><path d=\"M12 3a6 6 0 0 0-3.5 10.9c.6.5 1 1.2 1 2.1h5c0-.9.4-1.6 1-2.1A6 6 0 0 0 12 3z\"\/><\/symbol><symbol id=\"i-info\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 11v5M12 8h.01\"\/><\/symbol><symbol id=\"i-coin\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M14.5 9.5c-.5-1-1.5-1.5-2.5-1.5-1.4 0-2.5.8-2.5 2s1.1 1.6 2.5 2 2.5.8 2.5 2-1.1 2-2.5 2c-1 0-2-.5-2.5-1.5M12 6.5v11\"\/><\/symbol><symbol id=\"i-clock\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/symbol><symbol id=\"i-globe\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M3 12h18M12 3c2.5 2.7 3.8 5.7 3.8 9s-1.3 6.3-3.8 9c-2.5-2.7-3.8-5.7-3.8-9S9.5 5.7 12 3z\"\/><\/symbol><\/svg><section class=\"lbm-intro\"><div class=\"lbm-intro-main\"><p class=\"lbm-lead\">This article is about the tokens of play-to-earn (P2E) games, where players earn tokens and can withdraw them into money. It covers how US and EU regulators tell an in-game currency from a security and from a payment instrument, which features matter for that, and what a game studio should fix in its tokenomics and game terms. Everything is based on primary sources: regulators&#8217; decisions and interpretations, their guidelines and EU acts.<\/p><p class=\"lbm-verified\">Checked on 23 October 2026. Rules and sources are current as of this date.<\/p><ul class=\"lbm-toc\"><li><a href=\"#kinds\">Kinds of tokens<\/a><\/li><li><a href=\"#us\">United States<\/a><\/li><li><a href=\"#eu\">EU<\/a><\/li><li><a href=\"#pay\">Payment instrument<\/a><\/li><li><a href=\"#design\">Designing tokenomics<\/a><\/li><li><a href=\"#choose\">What to do<\/a><\/li><li><a href=\"#faq\">Questions<\/a><\/li><\/ul><\/div><\/section><section id=\"kinds\"><h2>What tokens exist in P2E and why it matters<\/h2><p style=\"max-width:70ch\">One game usually has several tokens, and each raises its own legal question. You cannot draw one conclusion about the project&#8217;s token. Each must be analysed.<\/p><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-coin\"\/><\/svg><\/span><h3>In-game currency<\/h3><p>A token used to pay for items and upgrades inside the game. The key question is whether it can be withdrawn into ordinary money. If not, it is a closed system. If yes, payment rules come in.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Game items and NFTs<\/h3><p>Characters, land and weapons as NFTs (non-fungible tokens, unique digital assets). The question is whether the studio sells an item for use in the game or promises owners income from the project&#8217;s development.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><h3>Project or governance token<\/h3><p>A token whose price rises if the game succeeds and which gives a vote in governance. This is the one that most often draws regulators&#8217; attention, because it resembles a stake in the project.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-globe\"\/><\/svg><\/span><h3>Our basis<\/h3><p>For the US it is the interpretation of the SEC (US Securities and Exchange Commission) of 17 March 2026 and its cases against NFT issuers. For the EU it is MiCA (the EU Markets in Crypto-Assets Regulation) and the guidelines of ESMA (the European Securities and Markets Authority).<\/p><\/div><\/div><div class=\"lbm-cmp\"><table><thead><tr><th>Token<\/th><th>Main question<\/th><th>Who is interested<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">In-game currency<\/th><td>Whether it can be withdrawn into money, and at what rate<\/td><td>Payment regulators, FinCEN (the US financial intelligence unit)<\/td><\/tr><tr><th scope=\"row\">Game item, NFT<\/th><td>A usable item or a promise of income<\/td><td>SEC, MiCA for unique assets<\/td><\/tr><tr><th scope=\"row\">Project token<\/th><td>Players expecting the price to rise through the studio&#8217;s efforts<\/td><td>SEC, ESMA and national regulators<\/td><\/tr><tr><th scope=\"row\">Stablecoin inside the game<\/th><td>Whether it is pegged to an official currency<\/td><td>Payment regulators in the EU and US<\/td><\/tr><\/tbody><\/table><\/div><\/section><section id=\"us\"><h2>United States: when an investment contract forms around a token<\/h2><p style=\"max-width:70ch\">In the US a token does not become a security by itself. It happens when a deal forms around the token that the SEC calls an investment contract.<\/p><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>The SEC&#8217;s 2026 interpretation<\/h3><p>On 17 March 2026 the SEC published an interpretation (Release 33-11412) with a token taxonomy. Digital collectibles, which expressly include in-game items, and digital tools such as a membership or ticket are not themselves securities. Chairman Atkins said most crypto assets are not securities.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><h3>But a contract around the token is possible<\/h3><p>A token that is not a security can become the subject of an investment contract. This happens when the issuer offers it to raise money and promises efforts from which buyers reasonably expect profit. The contract ends when the issuer has fulfilled its promises or failed to.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-ban\"\/><\/svg><\/span><h3>Impact Theory, 28 August 2023<\/h3><p>The studio sold 13,921 Founder&#8217;s Keys NFTs for about USD 29.9 million in ETH. The SEC took into account statements about building the next Disney, the promise to spend proceeds on development and a 10% royalty on resales. The order required disgorgement of USD 5.12 million, interest and a USD 500,000 penalty, and removal of the royalty from the smart contract.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-eye\"\/><\/svg><\/span><h3>Stoner Cats 2, 13 September 2023<\/h3><p>10,320 NFTs were sold at 0.35 ETH, about USD 8.2 million. The SEC found them to be investment contracts. The penalty was USD 1 million, which went to a fund for harmed investors.<\/p><\/div><\/div><div class=\"lbm-co soft\"><span class=\"lbm-ico\"><svg><use href=\"#i-bulb\"\/><\/svg><\/span><div><b>What this means<\/b><p>For a P2E game the danger is not the items themselves but the words around them. Phrases like &#8220;earn&#8221;, &#8220;rising price&#8221; and &#8220;we are building an ecosystem that will grow&#8221; create exactly the expected profit from others&#8217; efforts. We covered the SEC&#8217;s proposal for public token sales in our article on <a href=\"\/en\/sec-regulation-crypto-assets\/\">Regulation Crypto Assets<\/a>, and the line between a game and gambling in our article on <a href=\"\/en\/play-to-earn-p2e\/\">Play-to-Earn and hidden gambling<\/a>.<\/p><\/div><\/div><\/section><section id=\"eu\"><h2>EU: utility token, NFT and financial instrument<\/h2><p style=\"max-width:70ch\">The EU asks differently. First it checks whether the token is a financial instrument, and only then applies MiCA.<\/p><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Definition of a utility token<\/h3><p>MiCA, in Article 3, calls a utility token one that is only intended to provide access to a good or service supplied by its issuer. A token for access to a game and its content fits that description.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>ESMA guidelines of 19 March 2025<\/h3><p>Under the guidelines, tokens that give access to services, premium game content or discounts are generally not transferable securities if they offer no returns comparable to financial instruments and do not form a class. That holds even if buyers hope the price will rise. An expectation of future profit does not by itself make a token a financial instrument.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-ban\"\/><\/svg><\/span><h3>When a token is still a security<\/h3><p>Three criteria are needed together: the token is not an instrument of payment, it belongs to a class of securities, and it is negotiable on the capital market. Its rights must be comparable to shares or bonds, and votes on protocol or technical upgrades do not count as shareholder rights.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-eye\"\/><\/svg><\/span><h3>NFTs and hybrid tokens<\/h3><p>Unique assets such as collectibles are generally outside MiCA, but uniqueness is not determined by a technical identifier alone, and fractionalised NFTs are not automatically unique. If a hybrid token meets the financial instrument criteria, that classification takes precedence, and the label utility has no weight.<\/p><\/div><\/div><div class=\"lbm-co dark\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><div><b>What this means<\/b><p>In the EU a game token with a clear function and no promise of income has a chance of remaining a utility token. A token sold as a share in the game&#8217;s success and giving rights similar to shares is treated by ESMA as a financial instrument whatever its name.<\/p><\/div><\/div><\/section><div class=\"lbm-svc\"><div><b>Need help with this topic?<\/b><p>We will review your situation and propose a solution for your project.<\/p><\/div><a class=\"lbm-svc-btn popmake-4929\" href=\"#\" role=\"button\">Contact us<\/a><\/div><section id=\"pay\"><h2>Payment instrument and withdrawal into money<\/h2><p style=\"max-width:70ch\">A token may or may not be a security, but payment rules still apply if it can be used to pay outside the game or withdrawn into money.<\/p><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-coin\"\/><\/svg><\/span><h3>FinCEN and convertible currencies<\/h3><p>FinCEN&#8217;s 2013 guidance defines convertible virtual currency as one that has an equivalent value in real currency or acts as a substitute for it. An administrator that issues a currency and may redeem it, and an exchanger that exchanges it, can become money transmitters. Closed-loop game currencies are not addressed in that document.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-globe\"\/><\/svg><\/span><h3>Limited network in the EU<\/h3><p>PSD2 (the second EU Payment Services Directive) excludes payments in a limited network, for example inside one shop or game. In our assessment an in-game currency without withdrawal into money may fall under that exclusion, but the regulator must be notified if payments over 12 months exceed EUR 1 million.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><h3>A token pegged to money<\/h3><p>An e-money token, meaning one pegged to a single official currency, is regulated as a payment instrument under MiCA and PSD2. Inside a game it is better not to issue such a token yourself but to use a licensed provider.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-pen\"\/><\/svg><\/span><h3>Withdrawal into money<\/h3><p>If a player withdraws tokens into money, the exchange is done by a provider, which must be licensed and check its customers. More on this in our article on <a href=\"\/en\/accepting-crypto-payments-business\/\">accepting cryptocurrency in business<\/a> and our article on the <a href=\"\/en\/travel-rule-crypto\/\">Travel Rule<\/a>.<\/p><\/div><\/div><\/section><section id=\"design\"><h2>How to build tokenomics so it stays an in-game currency<\/h2><p style=\"max-width:70ch\">These rules are taken from the decisions above. They do not replace a legal assessment of a specific project.<\/p><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-ban\"\/><\/svg><\/span><h3>Do not promise income<\/h3><p>Words about payback, price growth and earnings must not be used in advertising and the white paper. Advertising should describe the token&#8217;s use in the game.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Separate the tokens<\/h3><p>It is better to separate and describe the in-game currency, the governance token and NFTs individually, rather than give one token all the roles.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-eye\"\/><\/svg><\/span><h3>Check withdrawal into money<\/h3><p>If withdrawal is possible, determine the provider, licence and customer checks. If not, fix that in the game terms.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Align the documents<\/h3><p>The white paper, game terms, marketing and investor contracts must not contradict one another. The SEC looks at all of the issuer&#8217;s public statements, and ESMA looks at the token&#8217;s real content, not its label.<\/p><\/div><\/div><div class=\"lbm-co soft\"><span class=\"lbm-ico\"><svg><use href=\"#i-bulb\"\/><\/svg><\/span><div><b>Hypothetical example, not a real case<\/b><p>A studio sells NFT heroes and promises owners a &#8220;share of the game&#8217;s revenue&#8221;. The NFT description says &#8220;the more players, the higher your share&#8221;. In the US this looks like an investment contract, as in Impact Theory. In the EU such an NFT is more likely to be treated as a financial instrument. If the promise of a share is removed and the hero is left as a game item, the assessment changes.<\/p><\/div><\/div><\/section><section id=\"choose\"><h2>What to do now<\/h2><p style=\"max-width:70ch\">A sequence for a studio before launching a token.<\/p><ol class=\"lbm-steps\"><li><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><div><h3>Describe each token&#8217;s role<\/h3><p>Currency, item, governance, stablecoin. For each, answer what it gives the player and whether it can be withdrawn into money.<\/p><span class=\"lbm-tag\">Start here<\/span><\/div><\/li><li><span class=\"lbm-ico\"><svg><use href=\"#i-eye\"\/><\/svg><\/span><div><h3>Check the text for promises<\/h3><p>Advertising, white paper, Discord, team posts. Remove promises of income and growth.<\/p><\/div><\/li><li><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><div><h3>Test the token against the criteria<\/h3><p>US: investment contract. EU: utility token, NFT or financial instrument.<\/p><\/div><\/li><li><span class=\"lbm-ico\"><svg><use href=\"#i-coin\"\/><\/svg><\/span><div><h3>Decide on withdrawal<\/h3><p>Provider, licence, customer checks, country restrictions.<\/p><\/div><\/li><li><span class=\"lbm-ico\"><svg><use href=\"#i-ban\"\/><\/svg><\/span><div><h3>Exclude problem markets<\/h3><p>If the token cannot be offered in the US or EU, block access technically and in the terms.<\/p><\/div><\/li><li><span class=\"lbm-ico\"><svg><use href=\"#i-pen\"\/><\/svg><\/span><div><h3>Update the documents<\/h3><p>Game terms, token policy, contracts with partners and investors.<\/p><\/div><\/li><\/ol><div class=\"lbm-co dark\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><div><b>Benchmark<\/b><p>If the token is needed for the game, it is closer to an in-game currency. If it is bought for a price rise through the studio&#8217;s efforts, it is closer to a security.<\/p><\/div><\/div><\/section><figure class=\"lbm-pull\"><q>Regulators look not at the token&#8217;s name but at what the studio promised and what the token gives the player.<\/q><cite>LegalBit team<\/cite><\/figure><section id=\"faq\"><h2>Frequently asked questions<\/h2><div class=\"lbm-faq\"><details><summary>Can a game token be a security in the US?<\/summary><p>The token itself, no, but an investment contract can form around it if the studio promises efforts from which buyers expect profit. The SEC&#8217;s 2026 interpretation says exactly this.<\/p><\/details><details><summary>What is a utility token under MiCA?<\/summary><p>A token intended only to provide access to a good or service supplied by its issuer (Article 3 of MiCA). For a game it is access to the game and its content.<\/p><\/details><details><summary>Do I need a licence if players withdraw tokens into money?<\/summary><p>The exchange is done by a provider, which needs a licence. A studio that itself exchanges tokens for money may become a money transmitter in the US or a crypto-asset service provider in the EU.<\/p><\/details><details><summary>Is an NFT a security?<\/summary><p>In the US it depends on the promises around the NFT, as the Impact Theory and Stoner Cats cases show. In the EU unique NFTs are generally outside MiCA, but if an NFT meets the financial instrument criteria, MiFID II (the Markets in Financial Instruments Directive) applies.<\/p><\/details><details><summary>Can I use the word earn in advertising?<\/summary><p>It is better to avoid it. In SEC decisions such words together with promises of growth became evidence of expected profit.<\/p><\/details><details><summary>What if the token is already on the market?<\/summary><p>Assess it against the criteria above, check advertising and documents, fix the promises and, if needed, restrict the offer in the US or EU.<\/p><\/details><\/div><p class=\"lbm-more\"><b>See also: <\/b><a href=\"\/en\/play-to-earn-p2e\/\">Play-to-Earn or hidden gambling<\/a>; <a href=\"\/en\/sec-regulation-crypto-assets\/\">Regulation Crypto Assets<\/a>; <a href=\"\/en\/saft-vs-safe\/\">SAFT and SAFE<\/a>; <a href=\"\/en\/legal-aspects-checklist-for-an-nft-marketplace\/\">NFT marketplace checklist<\/a>; <a href=\"\/en\/defi-dao-legal-liability\/\">DeFi and DAO<\/a>. Services: <a href=\"\/en\/regulatory-and-compliance\/\">regulatory and compliance<\/a>.<\/p><div class=\"lbm-src\"><b>Sources<\/b><ul><li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-30-sec-clarifies-application-federal-securities-laws-crypto-assets\" rel=\"nofollow noopener\" target=\"_blank\">SEC: press release 2026-30 on the application of securities laws to crypto assets (17 March 2026)<\/a><\/li><li><a href=\"https:\/\/www.sec.gov\/files\/33-11412-fact-sheet.pdf\" rel=\"nofollow noopener\" target=\"_blank\">SEC: fact sheet on the interpretation, Release No. 33-11412<\/a><\/li><li><a href=\"https:\/\/www.sec.gov\/files\/rules\/proposed\/2026\/33-11434.pdf\" rel=\"nofollow noopener\" target=\"_blank\">SEC: proposed Regulation Crypto Assets, Release No. 33-11434<\/a><\/li><li><a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2023\/33-11226.pdf\" rel=\"nofollow noopener\" target=\"_blank\">SEC: order in Impact Theory, LLC, Release No. 33-11226 (28 August 2023)<\/a><\/li><li><a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2023\/34-98851.pdf\" rel=\"nofollow noopener\" target=\"_blank\">SEC: order in Stoner Cats 2, LLC (13 September 2023; extension order of 3 November 2023)<\/a><\/li><li><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2025-03\/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf\" rel=\"nofollow noopener\" target=\"_blank\">ESMA: guidelines on the criteria for qualifying crypto-assets as financial instruments (19 March 2025)<\/a><\/li><li><a href=\"https:\/\/www.esma.europa.eu\/publications-and-data\/interactive-single-rulebook\/mica\/article-3-definitions\" rel=\"nofollow noopener\" target=\"_blank\">ESMA: MiCA, Article 3, definitions<\/a><\/li><li><a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2023\/1114\/oj\" rel=\"nofollow noopener\" target=\"_blank\">EUR-Lex: Regulation (EU) 2023\/1114 on markets in crypto-assets (MiCA)<\/a><\/li><li><a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2015\/2366\/oj\" rel=\"nofollow noopener\" target=\"_blank\">EUR-Lex: Directive (EU) 2015\/2366 on payment services (PSD2)<\/a><\/li><li><a href=\"https:\/\/www.fincen.gov\/statutes_regs\/guidance\/pdf\/FIN-2013-G001.pdf\" rel=\"nofollow noopener\" target=\"_blank\">FinCEN: guidance FIN-2013-G001 on virtual currencies (18 March 2013)<\/a><\/li><li><a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/2019-05\/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf\" rel=\"nofollow noopener\" target=\"_blank\">FinCEN: guidance FIN-2019-G001 on business models involving convertible virtual currency<\/a><\/li><\/ul><\/div><\/section><\/div>\n\n\n\n<div class=\"lb-ac\"><h2>This topic is our service<\/h2><p>More on how we help crypto and gaming projects:<\/p><ul><li><a href=\"https:\/\/legalbit.top\/en\/regulatory-and-compliance\/\">Regulatory and compliance<\/a><\/li><li><a href=\"https:\/\/legalbit.top\/en\/risk-assesment-consulting\/\">Risk assessment<\/a><\/li><\/ul><\/div>\n\n\n\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"BlogPosting\", \"headline\": \"P2E Game Token: Security, Payment Instrument or In-Game Currency?\", \"url\": \"https:\/\/legalbit.top\/en\/p2e-token-security-payment-or-game-currency\/\", \"mainEntityOfPage\": \"https:\/\/legalbit.top\/en\/p2e-token-security-payment-or-game-currency\/\", \"image\": \"https:\/\/legalbit.top\/wp-content\/uploads\/2026\/10\/p2e_token-scaled-1-scaled.webp\", \"datePublished\": \"2026-10-23T18:00:00Z\", \"dateModified\": \"2026-10-23T18:00:00Z\", \"inLanguage\": \"en\", \"author\": {\"@type\": \"Organization\", \"name\": \"LegalBit\", \"url\": \"https:\/\/legalbit.top\/\"}, \"publisher\": {\"@type\": \"Organization\", \"name\": \"LegalBit\", \"url\": \"https:\/\/legalbit.top\/\"}}<\/script>\n","protected":false},"excerpt":{"rendered":"<p>This article is about the tokens of play-to-earn (P2E) games, where players earn tokens and can withdraw them into money. It covers how US and EU regulators tell an in-game currency from a security and from a payment instrument, which features matter for that, and what a game studio should fix in its tokenomics and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71,81],"tags":[],"post_folder":[],"class_list":["post-8178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gamedev","category-tokens-and-nft"],"_links":{"self":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/8178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/comments?post=8178"}],"version-history":[{"count":2,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/8178\/revisions"}],"predecessor-version":[{"id":8182,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/8178\/revisions\/8182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/media\/8179"}],"wp:attachment":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/media?parent=8178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/categories?post=8178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/tags?post=8178"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/post_folder?post=8178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}