MindArk Interim Report Q1 2024

This could explain why MA decided not to pursue their banking licence and set themselves up as a bank.
My own personal opinion on this is that they would still like to have this designation, but getting the funds to back all the PED in the game to satisfy the regulatory requirements was probably too difficult at the time.

Can't use debt to raise those funds since it would be added liability, and it would be a hard sell to investors if they issued new stock and said "thanks for your investment, we're going to use that money to make sure the players get theirs first."

So they are stuck trying to grow the company organically through profits while also trying to tamper the growth of the total PED in the game. Probably why you've seen the increase in Mindark directly selling things in game like deeds and shares that have no TT value. It's a good way to collect money from the player base without adding to the total PED in circulation.
 
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