The Spanish Ministry of Consumer Affairs has recently launched a public consultation on the draft law regulating random reward mechanisms, including loot boxes (Spanish version of the consultation available herein).
Loot boxes are defined by the Spanish authorities as “devices that have an economic value in a real or fictitious market and whose random prize can be resold or exchanged”.
The ties existing between this type of mechanism and the gambling activities have led the Spanish Government to analyze the possibility of regulating random reward mechanisms (and loot boxes) with the aim to ensure adequate protection of the consumers. Among other things, the Spanish Minister considers that look boxes provide leisure and contain more competitive elements and therefore have characteristics of traditional gambling, which could lead to compulsive or pathological consumer behavior.
Through this public consultation, any interested citizen, organization or association can contribute their views on the future law regulating these mechanisms in Spain. The period began on 28 May and will conclude on 13 June 2022. Contributions can be sent via this email: email@example.com.
In particular, interested parties are entitled to provide their comments on:
a) The problems that the new regulation is intended to solve.
b) The need and convenience of approving this regulation.
c) The objectives of the rule.
d) Possible alternative regulatory and non-regulatory solutions.
A first draft proposal for a law regulating random reward mechanisms will be published soon, and will also include the regulation of NFTs and cryptocurrencies. We will update on new developments on this blog.