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As the “Sorare law” is enacted with resounding support, French supporters of blockchain technology are celebrating a huge triumph. This new regulation is a crucial step in creating a legal framework for video games that use NFTs and cryptocurrency features. Importantly, it distinguishes these games from gambling-related behaviors, signaling a change in how blockchain-based games are seen.
The Jonum regime, which supports games with monetizable digital items and is supported by 437 votes while being opposed by 77, seeks to strike a careful balance between promoting innovation and protecting the interests of players. It prepares the ground for an all-encompassing strategy for regulating the developing blockchain gaming industry.
As the “Sorare law” is enacted with resounding support, French supporters of blockchain technology are celebrating a huge triumph. This new regulation is a crucial step in creating a legal framework for video games that use NFTs and cryptocurrency features. Importantly, it distinguishes these games from gambling-related behaviors, signaling a change in how blockchain-based games are seen.
The Jonum regime, which supports games with monetizable digital items and is supported by 437 votes while being opposed by 77, seeks to strike a careful balance between promoting innovation and protecting the interests of players. It prepares the ground for an all-encompassing strategy for regulating the developing blockchain gaming industry.
Avoiding the classification of cryptocurrency games as gambling is one of the key goals of the Sorare law. They would be subject to further limitations and taxes as a result of this classification. As a result of the law’s passing, crypto games will continue to enjoy a unique status, creating a more hospitable atmosphere for innovation.
The Autorité Nationale des Jeux (ANJ), France’s regulating body, will still maintain surveillance of the industry. Similar to conventional gaming, ANJ will ask cryptocurrency gamblers for age and identification confirmations when they want withdrawals. This solution improves player security without hindering the simplicity of account registration. To provide a safe and fair gaming experience, numerous other rules will also apply to web3 games.
The Sorare law’s adoption demonstrates France’s commitment to fostering the development of the blockchain and cryptocurrency gaming industries while upholding strict regulatory control to safeguard players’ interests. This action recognizes the changing nature of the digital gaming industry and lays a solid platform for further growth.