This article was originally posted on our Medium blog on the 17th of May 2018
It’s a new world, and legal compliance is of utmost importance.
There are always legalities around creating a game; publishing, licensing, distribution, sales, protection, and exploitation. But that’s all part of the process — however, when you factor in cryptocurrencies you add another layer of legal requirements.
We’ve got an amazingly diverse team with an epic array of skillsets who are heavily focused on bringing you the best game we can create, but, we all know the current crypto climate is rife with scams and you should always be aware of them. However, from our side, we need to ensure that we’re constantly compliant and ticks all the boxes so you can freely enjoy playing Hash Rush.
That’s why we enlisted the help of Deloitte, one of the worlds largest network of firms to ensure we did everything according to the book.
With in-game spending on an ever increasing trend, we can’t ignore any concerns about gambling.
“The main reason why Hash Rush shall not be considered as gambling is the lack of the element of chance” — Deloitte
In most traditional games, an item only exists within the confines of the four corners of the screen. However, add blockchain to the equation and you enable players to actually own and trade those items.
Hi Matiss, thanks for taking the time to talk. How would you describe Deloitte’s relationship with VZ Universe and Hash Rush.
Well, our relationship is a close one. Deloitte is happy to say its VZ Universe’s Legal counsel.
You have concluded that what we’re doing in Hash Rush is not gambling. Can you briefly highlight a few essential characteristics about what Hash Rush does that makes this the case?
In most European Union and other jurisdictions gambling is defined as a game involving a stake that offers an opportunity to compete for prizes, where success depends completely or predominantly on coincidence or an unknown future result and cannot be influenced by the player. Accordingly, gambling involves the elements of consideration (i.e., a fee to take part in the game), chance and reward.
Our assessment of Hash Rash indicates that the developed game — Hash Rush, has characteristics of social gaming and only limited characteristics that are attributable to gambling. The main reason why Hash Rush shall not be considered as gambling is the lack of the element of chance. Success in Hash Rush mostly depends on skill, abilities and knowledge (e.g. game strategy and time spent in the game) of the player and the element of chance, if any, is solely negligible and remote. Therefore, we do not consider Hush Rush as gambling.
How is your involvement with Hash Rush playing part of a wider strategy Deloitte has to position itself as experts within the blockchain and cryptocurrency space?
Since blockchain and cryptocurrency is an emerging industry that is important for Deloitte, we really appreciate the chance to take part in Hush Rush project since it is a unique project on the EU and global playing field.
Since it is a new industry and there are plenty of grey areas – every decision and activity is related to great challenges. Considering the nature of decentralisation and that nearly nothing is regulated and currently no state institution knows just quite how it will react to crypto activities.
Thanks Matiss, we’re really happy to have Deloitte as our legal counsel, is there anything you would like to leave us with?
It is our honor to work on this huge and international project that brings together nearly 30 IT, gaming and financial specialists from all continents and that is a game changer in the established understanding of social gaming.
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- August 31, 2018