Riding the Wave of Progress: Have you ever pondered whether games built on cryptocurrency and NFT frameworks are equated to gambling? Hold that thought! In a game-changing move on Oct. 17, France stepped up, saying a resounding ‘no’. They didn’t just stop at a mere verbal declaration; they embedded it into law. France’s progressive stride could very well overhaul its entire digital realm.
The Pioneering Sorare Law: Winning a nod from the National Assembly, the freshly minted Sorare Law aims higher than the clouds. Its core intent? To draft a cohesive regulatory structure specifically for games infused with crypto and NFT dynamics. What’s even more riveting is the fact that it’s actively distancing these from France’s traditional “gambling” rules, considering the unpredictable temperament of these digital treasures.
Clarity in Definition: Enter the “Digital Space Regulation Law” (SREN). This law doesn’t just murmur; it roars, making a stark delineation between crypto gaming and gambling. The French have coined a catchy term for games that brim with monetizable digital objects – “Jonum”. Remember that; it might just become the next buzzword!
Exclusively Digital: The fascinating nuances of the Sorare law extend further. The Constitutional Council, under this law, grants a provisional three-year window for these games, with one clear caveat – the winnings must remain purely digital. The days when crypto rewards could be swapped for fiat? They’re history.
Accountability at its Best: What’s heartening is that this law doesn’t turn a blind eye. It mandates a periodic check-in, urging the French government to submit progress evaluations within the first 18 months. The goals are crystal clear – size up the market’s pulse, ensure robust player safety measures, and act as a bulwark against financial misdemeanors.
A Word to the Influencers: We’ve all seen the ripple effects when global icons champion NFT ventures or crypto initiatives. France’s message? Tread with caution. The Sorare Law aligns with ANJ’s hard stance on influencers and minors. They’re uncompromising about adherence; defiance could lead to a staggering two years behind bars and hefty penalties. With around 150,000 influencers under the French banner, it’s paramount to clarify the nature of their content for better transparency.
An International Impact: While the directives are crystal clear for local influencers, it’s intriguing that these guidelines also target those based abroad. However, the real challenge lies in implementing an effective mechanism to enforce this on foreign shores.
ANJ’s Stance: Concurrently, the ANJ didn’t remain a mute spectator. They’ve unveiled their guidelines, driven by a singular focus – to shield the vulnerable, be it from gambling addictions, unscrupulous operators, or premature exposure to minors. And yes, athletes, take note – the line between sports and gambling just got a lot clearer!
What Lies Ahead: Now, with the National Assembly’s thumbs up, the burning question lingers – how will these game varieties be ultimately classified? The Constitutional Council’s verdict is eagerly awaited. If they play their cards right, France might not just transform its own digital horizon but might also sketch a promising blueprint for nations like the U.S.
Stay tuned! The next chapter in France’s digital saga promises to be thrilling!
Bitcoin 
Ethereum 
Tether 
Solana 
BNB 
Dogecoin 
XRP 
USDC 
Lido Staked Ether 
Cardano