Web3 Gaming Company Sorare Adjusted To Match The French Legal Framework
Key Points:
- Sorare must temporarily modify its products to conform with the current interpretation of existing French regulations.
- Since it is particular to regulatory negotiations with the ANJ in France, this temporary alternate entry option is only accessible in France.
Sorare, a web3 fantasy sports company, is proposing an additional entrance option for participants living in France in order to comply with the country’s planned legislative framework for non-fungible tokens (NFTs).
The French government has announced intentions to draft a law establishing a new legislative framework for “Exchangeable In-Game Items.” The emergence of a new framework that properly realizes Web3’s promise will be critical to its development and success.
Sorare’s products must be temporarily modified to conform with the current interpretation of existing regulations. Prior to the implementation of the new framework in France, it has agreed to a temporary solution with the French National Gaming Authority (ANJ) that offers an optional alternate mode of entrance for users headquartered only in France.
The Web3 gaming company said in a blog post that the solution is just temporary as they establish their long-term vision in the midst of current regulatory disputes. The interim solution is presently available for its main category, Sorare: Football, and will be extended to Sorare: MLB on May 26, 2023, and Sorare: NBA in the autumn.
Web3 company on the basis of compliance with the applicable laws of the country and insists the platform is not gambling.
“In the meantime, our position remains unchanged: Sorare has nothing to do with the games of chance regulated by the gambling authorities,” the company said in a blog post.
Although the new entrance method will still enable French gamers to access Sorare, it comes with a set of limitations that affect gameplay. In France, players may get access to the game by providing a phone number and evidence of residency.
Following this, they will no longer be able to compete with the NFT versions of digital cards that have unique rarity attributes but will instead have lineups made up of non-blockchain versions of cards that have comparable qualities to Sorare’s NFT-based cards.
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
Harold
Coincu News
Author
GameFi
Web3 Gaming Company Sorare Adjusted To Match The French Legal Framework
Key Points:
- Sorare must temporarily modify its products to conform with the current interpretation of existing French regulations.
- Since it is particular to regulatory negotiations with the ANJ in France, this temporary alternate entry option is only accessible in France.
Sorare, a web3 fantasy sports company, is proposing an additional entrance option for participants living in France in order to comply with the country’s planned legislative framework for non-fungible tokens (NFTs).
The French government has announced intentions to draft a law establishing a new legislative framework for “Exchangeable In-Game Items.” The emergence of a new framework that properly realizes Web3’s promise will be critical to its development and success.
Sorare’s products must be temporarily modified to conform with the current interpretation of existing regulations. Prior to the implementation of the new framework in France, it has agreed to a temporary solution with the French National Gaming Authority (ANJ) that offers an optional alternate mode of entrance for users headquartered only in France.
The Web3 gaming company said in a blog post that the solution is just temporary as they establish their long-term vision in the midst of current regulatory disputes. The interim solution is presently available for its main category, Sorare: Football, and will be extended to Sorare: MLB on May 26, 2023, and Sorare: NBA in the autumn.
Web3 company on the basis of compliance with the applicable laws of the country and insists the platform is not gambling.
“In the meantime, our position remains unchanged: Sorare has nothing to do with the games of chance regulated by the gambling authorities,” the company said in a blog post.
Although the new entrance method will still enable French gamers to access Sorare, it comes with a set of limitations that affect gameplay. In France, players may get access to the game by providing a phone number and evidence of residency.
Following this, they will no longer be able to compete with the NFT versions of digital cards that have unique rarity attributes but will instead have lineups made up of non-blockchain versions of cards that have comparable qualities to Sorare’s NFT-based cards.
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
Harold
Coincu News
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