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 To Amend The Rules For Its NFT Game Under Pressure From The French Authority 3

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.”

Sorare To Amend The Rules For Its NFT Game Under Pressure From The French Authority 4

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

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

1 hour ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

2 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

2 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

3 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

3 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

3 hours ago

This website uses cookies.