Web3 games will ultimately not be regulated as gambling, and will benefit from a specific regulatory framework. This is the decision taken by the National Gaming Authority (ANJ), and it should allow giants like Sorare to continue to offer their services. Focus on this new regulatory framework, which until now remained a gray area.
Web3 games framed differently than gambling
As our colleagues from Les Echos report, the French regulator is working on a project called “Jone” (for Games with exchangeable digital objects). This would make it possible to frame a whole section of the sector which had hitherto operated in a gray area. Sorare only continued to offer services through a temporary agreement with the National Gaming Authority.
The sticking point was the free part of Sorare, which actually offers non-paying services. The ANJ had asked the company to develop its offer by March 31in order to offer more free content, and implement various user protection measures.
The new regulations outlined by the government will therefore continue to separate web 3 games from gambling. The General Inspectorate of Finance (IGF) has submitted a report to the Ministry of Economy and Finance, and the latter is expected to publish a draft law thereafter.
Web3 games such as Sorare could a priori dodge the heavy taxes that weigh on gambling providers. In addition, they would benefit from a separate status from Digital Asset Service Providers (PSAN), with more flexible conditions of existence. They also wouldn’t have no need to seek approval from the National Gaming Authoritya declarative registration being a priori sufficient.
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News welcomed by the industry
Nicolas Julia, the CEO of Sorare, welcomed this progress, which allows games of this type to be given a real place, by separating them well from “classic” gambling:
“This is a big step forward for us. : [le nouveau cadre réglementaire] will both provide better protection for sensitive audiences, more clarity on what our products and activities are and the possibility of developing them with clear rules»
While noting that technological innovations “jostle» existing frameworks, Nicolas Julia notes the need to develop them in order to «preserve the firepower of French Web3 players“. As a reminder, Sorare is a “unicorn”, that is to say a company whose capitalization exceeds one billion euros. This is an element that of course carries weight when it comes to talking to regulators.
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Source: Les Echos, Nicolas Julia via LinkedIn
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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