Video games can be very expensive, especially for those who like to play multiple games a month. It's no surprise then that many gamers take every opportunity to buy games as cheaply as they possibly can. Steam, it appears, is taking issue with one of the ways PC gamers have been saving money through its storefront. Valve's PC shop is tired of users switching their regions to buy games at cheaper prices. As such, Steam will be limiting how users will be able to switch regions going forward.
According a report from Steam Database, Steam users will only be able to update their region once every three months going forward. As such, users will not be able to switch to a different region, purchase a game using regional pricing, and then switch their account back to their original region. Switching regions will result in a user being locked to the new region on Steam for three months before they're able to once against use a Steam region transfer.
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Valve has not issued a public statement on this matter, as the change appears to have been made without an announcement. That said, an explanation doesn't appear to be needed on the matter. Steam has made several changes in recent memory in an effort to combat manipulating the storefront to receive lower prices. For example, Steam's restricted VPN usage for purchases recently. Steam's also forcing users to use a payment method from the region where the Steam account has been based.
The heart of the issue is that Steam has targeted regional pricing. It isn't just pricing adjustments made due to fluctuations in the value of currency, but rather pricing based on local cost of living. Of course, these prices are ultimately assigned by the game publishers themselves, but Steam obviously has a hand in this process given the complexity of pricing across so many different countries. As a result, pricing in some countries can be extremely cheap compared to other regions, driving Steam users to change their settings to save money.
While it may not seem like a pressing issue, or an issue that's taken advantage of by enough to be significant, there is an added element of concern. There's also the possibility that that gray markets were using region switching to purchase Steam games at low prices to then sell in other regions. In other words, taking money from developers through region manipulation.
Ultimately, the reasons for Valve's decision and the result of that decision will likely never be shared publicly. What's important for the vast majority of Steam users is an awareness of the situation. Users can only change their region once every three months, so if they go on vacation or move then they won't be able to switch back. Otherwise, there are no apparent benefits to Steam users other than improving dev support.