Linden Lab have announced Exciting Improvements to SL & Fee Updates to Enable Even More. This is probably going to be received as a good cop bad cop announcement because it involves a rise in the cost of buying Linden Dollars on the LindeX and a rise in cashing out, but the announcement also involves talk of future features and improvements, which will be more welcomed.
First of all the fees, the blog post informs us :
Underlying SL’s user-to-user economy and the ability to buy and sell L$’s for real currency is a significant amount of ongoing work to ensure that everything remains compliant with applicable laws and regulations, while also preventing fraud and money laundering. This work comes at a cost, and we are adjusting related fees in order to help cover those costs and enable us to continue to invest in Second Life’s future. The changes are as follows:
- Effective today, the fee for buying L$ on the LindeX will be $0.99 per transaction (previously it had been $0.60 per transaction). These changes impact only buys on the LindeX, and the fees associated with buying L$’s during SL Marketplace transactions remain unchanged.
- On January 3, 2018, the fee for processing credit transactions (i.e. paying real money into a PayPal or Skrill account) will be 2.5% per transaction, with a $3 (USD) minimum, and no maximum. This fee is currently 1.5% per transaction, with a $3 (USD) minimum and a $25 (USD) maximum.
This isn’t the first time Linden Lab have changed the fee structure for LindeX and credit processing this year, back in June they announced Updates to LindeX and Credit Processing Fees.
There are of course, as Linden Lab point out, many costs involved in ensuring transactions are legal, that money laundering and fraud are prevented, so it’s fair that fees are associated with these transactions.
Linden Lab have given plenty of notice for processing credit fee changes but I feel they could have given a bit more notice regarding changes to fees for buying on the LindeX, maybe I missed a previous announcement on these changes.
In terms of exciting improvements, there look to be plenty and this is something to be very positive about.