Sorare's NFT in France has gambling regulators concerned

2022/10/24 09:01

Paris is offering shelter from crypto winter.
But hopes for a French “exception” to the wider crypto market wreckage are running into the need for tougher rules.
And now regulators keen to clean up crypto are looking at Sorare.
Last year, the UK Gambling Commission began “carrying out enquiries” into Sorare and Switzerland’s Gespa watchdog put Sorare on its blacklist. Scrutiny has now reached fever pitch with France’s own regulator asking Sorare for information. Christine Lavarde, a senator for the Republicains party, has asked the government to explain why Sorare isn’t placed under the oversight of the country’s gambling regulator, with all the resulting taxes and red tape that would imply.
The reaction from Sorare and, to an extent, the Macron administration, has been that this is a new kind of business model that shouldn’t be strangled at birth. Sorare Chief of Staff Thibaut Predhomme says the game is not gambling, that players won't see their cards disappear the way an ordinary financial bet might and that free cards are available. France’s Digital Minister Jean-Noel Barrot echoed the idea that regulation should be “agile” while still supervising money-laundering and addiction risks.

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