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The parents have to set up the account that way.
"You may not become a subscriber if you are under the age of 13"
It says nothing about parental permission.
the first part of the sentence is compeltely irrelevant without this part:
"and Valve will not knowingly collect personal information from children under the age of 13"
reason this even exists:
https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/childrens-online-privacy-protection-rule
parental permission can basicly override everything anyway. so...
Actually, you must be 13 years old to CREATE a Steam account. Steam also encourages parents to create Steam accounts for their children. It also encourages parents to create and manage Steam accounts for their children. A parent can create an account and allow a child to use it. The parent who created the account would legally be the subscriber, not the child.
"We encourage you to create a Steam account with your child. If you and your kids find Steam to be a bit too overwhelming when parents aren’t around to help, you can now manage access to content and features using Family View."
Additionally, Steam sells games like Putt Putt Joins the Circus as well as many other games that are made for toddlers and definitely not marketed at 13+ year olds.
Which part of that do you consider to be opent to interpretation? It's a pretty definitive statement. Parental permission means nothing to a private company, they can deny service to anyone they choose.
As I already stated, parents can create Steam accounts and allow their children to use them. The parent who created the account is legally the subscriber. This doesn't preclude the child from using the account.
Parents can not create accounts for children. It's against the terms of service to transfer accounts from one person to another. If someone creates an account, no one else can use it, not even their children.
All that statement is saying is that if the parent makes an account at the same time as a child, they can use their account to manage the child's.