The news comes after extensive debate over concerns over the lack of regulation for web3-enabled game offers, such as those offered by ANJ, from March 2021 onwards. StrayANJ wants to protect the public from excessive gambling, protect minors and ensure compliance with anti-money laundering laws.
Powered by blockchain technology, Solare’s football fantasy game allows players to buy, sell and trade virtual teams represented by digital player cards. NFTs are priced in ETH, but can be bought and sold in fiat or cryptocurrencies. The game itself is free, and there are generic cards that can be used in specific games, but they are of no monetary value. However, the more desirable player NFT cards can be very expensive. Buying his NFT for a decent quality fantasy football team could easily cost gamers hundreds of euros.
French web3 startup has seen incredible growth since its launch in 2018, raising $680 million. Series B funding in progress We partner with over 300 sports teams and organizations, including La Liga, bundesligaWhen Serie A Not just soccer NBA When MLB.
Sorare’s proposed solution consists of amending the free access game offering to take effect by the agreed time frame. In the interim, ANJ will implement controls to ensure compliance by Sorare prior to his March 31st. Failure to meet the deadline will result in ANJ exercising its regulatory authority. We also plan to update the rules to take into account the activities of web3.
In response to ANJ’s announcement, the game company said in a statement: This development is part of the company’s roadmap for building a comprehensive ecosystem. ”
“To enable the development of these innovations in France, ANJ agrees with the importance of creating a long-term regulatory framework adapted to this new situation. We share it and are committed to working with all stakeholders, including ANJ, to define this new framework.”
As Stray ANJ is one of the pioneers of this innovation in Europe, and it’s not the only regulator knocking on Sorare’s door. last year, UK Gambling Commission Sorare issued a notice that it was not sanctioned by the Commission and launched an investigation. However, the commission has remained silent on the issue since then.