Sorare, a Web3 gaming company, adapted to the French legal framework
Central issues:
- Sorare’s products must be temporarily altered to conform to the current interpretation of French regulations.
- This temporary alternate entry option can only be used in France because it is unique to French regulatory negotiations with the ANJ.
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).
A new legislative framework for “Exchangeable In-Game Items” has been announced by the French government. The development and success of Web3 will depend heavily on the development of a new framework that effectively realizes its potential.
To conform to the current interpretation of existing regulations, Sorare’s products must be temporarily modified. Preceding the execution of the new structure in France, it has consented to a transitory arrangement with the French Public Gaming Authority (ANJ) that offers a discretionary substitute method of entry for clients settled exclusively in France.
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In a blog post, the gaming company Web3 stated that the solution is only temporary as they develop their long-term strategy amid ongoing regulatory disagreements. For its primary category, Sorare, the interim solution is available at this time: Football, and Sorare will be included: Sorare and MLB on May 26, 2023: The NBA in the fall.
The Web3 company insists that the platform is not gambling and that it complies with all applicable laws.
“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.
Even though French players will still be able to access Sorare using the new entry method, there are some gameplay restrictions attached. If a player has a phone number and proof of residency, they can play the game in France.
Following this, they can never again contend with the NFT adaptations of computerized cards that have extraordinary unique case credits yet will rather have setups comprised of non-blockchain forms of cards that have equivalent characteristics to Sorare’s NFT-based cards.