Sorare To Amend The Rules For Its NFT Game Under Pressure From The French Authority
Under pressure from the French National Gambling Authority (ANJ), Sorare has agreed to modify the terms of its non-fungible token soccer trading game, the regulator stated in a statement on Friday.
Sorare has stated that it will broaden the game’s free availability as part of the agreement. The ANJ threatened to use its legal authority, which in theory, allows it to impose fines of up to 5% of a company’s turnover if it doesn’t comply by the end of March.
After political criticism that the present arrangements did little to safeguard youngsters and compulsive gamblers, the authority asked for revisions to French legislation to better account for Web3 gambling. The ANJ said in a statement:
“The solution chosen constitutes a necessary regulatory response to the offer proposed by the SORARE company and, more generally, to the emergence of new comparable offers, with a view to effectively protecting the public but also to supporting innovation.”
Although the ANJ has approved Sorare’s agreement as a temporary solution, the regulator is concerned that the law is inadequate and has urged for a rapid evolution of laws to accommodate Web3.
The NFT fantasy gaming platform is also expanding its brand exposure, such as the recent collaboration with famous Argentine soccer star Lionel Messi.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
NFTs News
Sorare To Amend The Rules For Its NFT Game Under Pressure From The French Authority
Under pressure from the French National Gambling Authority (ANJ), Sorare has agreed to modify the terms of its non-fungible token soccer trading game, the regulator stated in a statement on Friday.
Sorare has stated that it will broaden the game’s free availability as part of the agreement. The ANJ threatened to use its legal authority, which in theory, allows it to impose fines of up to 5% of a company’s turnover if it doesn’t comply by the end of March.
After political criticism that the present arrangements did little to safeguard youngsters and compulsive gamblers, the authority asked for revisions to French legislation to better account for Web3 gambling. The ANJ said in a statement:
“The solution chosen constitutes a necessary regulatory response to the offer proposed by the SORARE company and, more generally, to the emergence of new comparable offers, with a view to effectively protecting the public but also to supporting innovation.”
Although the ANJ has approved Sorare’s agreement as a temporary solution, the regulator is concerned that the law is inadequate and has urged for a rapid evolution of laws to accommodate Web3.
The NFT fantasy gaming platform is also expanding its brand exposure, such as the recent collaboration with famous Argentine soccer star Lionel Messi.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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