Saw an older thread from about a year ago and apparently emulators are banned because of inaccuracies. I want to know, is this still the case or has the ban been lifted? I have a real Ps2 and a copy of the Subsistence edition of the game but no way to capture the video output and using an emulator would be so much easier for me.

Currently emulators are banned , but the mods are testing emulators a lot and it might be allowed in the near future .

So keep an eye on the boards and join the MGSR discord server https://discord.gg/4vrB3Kb to keep up with the progress as it's very probable that emu will be allowed soon