There is nothing wrong with Charging for an emulator.
Magic Engine in particular is an exceptionally well-written program and very professional looking. There is nothing wrong with charging money to sell a product you invested many long hours (and potentially money on actual hardware to reverse egineer) of research and development into.
It is 100% legal because a good emulator, like Magic Engine, does not use ANY copyrighted computer code and is completely legaly under the law.
Yes, they made a Turbo-GrafX 16 program. But it does not function the same way internally as the actual hardware. They both DO the same thing, but internally, they do completely different things, to accomplish the same effect..
For instance.. say a company had a copyright on using a GREEN crayon to make the color green.. But another company came out with a Crayon that combines blue and yellow to make the color green. Unrealistic, but for the sake of example, completely legal.
So yes, Ana, the developer of Magic Engine really does own the emulator and all the code associated with it. If this was not allowed under the law, we would all be buying computers from IBM still, would not have the technological progress we do today, and be paying out the nose for junk. We wouldn't be able to buy the "cheap" brand of many expensive products or any of that stuff either.
He sells a virtual machine that can play TG-16 games.. But it is still up to the user to have a legal copy of the game, in a format that the program can load.