France is moving ahead to embrace crypto and has introduced a new law to regulate crypto gaming in the region. ‘Sorare Law’ is going to be the country’s first legal initiative to regulate crypto-related video games incorporating Non-fungible Tokens (NFTs) and the crypto-powered strategies of monetization.
France has announced the law to legally regulate crypto-related video games. This law is the part of broader SREN which is also known as the Digital Space Regulation Law of France. 561 member of the National Assembly of France has voted in favour of ‘Sorare Law’.
France Seeks Balance between User Protection and Innovation
French Sorare Law is also referred to as the ‘Jonum regime’ that stands for games having monetizable virtual objects. France is moving toward crypto and gaming advancement because France aims to bring balance between user protection and growing technology. This legislation is the embodiment of the term ‘Jonum’ that was unclear in the previous legislation.
Jonum’ Sorare Law opens a gate to the world of the crypto industry and is specifically carved for crypto-related games which are far different from traditional games. Karima Lachgar, the Head of Group Legal and Regulatory Strategy and the Chief Executive Officer (CEO) of Olky Wallet shared his views in this regard. He was of the view that this law could revolutionize the French technology, innovation and particularly crypto space that had been neglected before.
Stakeholder’s Opinions Over New Crypto Gaming Law
Karima Lachgar was of the view that this law would enable people to get benefits by ‘play-to-earn’ and Web3 space. On the other hand, PMU (The Pari Mutuel Urbain) has entered the crypto gaming space by spreading the fantasy about the new horse racing game Stables.
French regulators thought that assets in crypto games were like gambling. This could have meant higher taxes for games like Sorare and Stables. But this new law is going to legalize crypto-related games and would comply with French rules and regulations.
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