The French National Assembly passes the Sorare bill, denying the gambling attributes of crypto asset applications

The French National Assembly passed the “Sorare Bill” on Tuesday, introducing the first regulatory framework specifically for video games utilizing NFTs and cryptocurrencies. This bill is part of the SREN Digital Space Regulation Law of the French National Assembly. A total of 561 members voted on it, of which 437 supported its passage and 77 opposed it. The bill, known as the “Jonum Regime” for games with monetizable digital items, aims to promote French startup innovation and user protection. The law clearly defines “Jonum” for the first time, paving the way for a possible new regulatory framework specifically for crypto gaming, making it different from gambling and traditional video games. The passage of the bill is seen as a positive development for the local crypto gaming industry, after the French regulator said that assets used in crypto games meet three of the four criteria that define betting and gambling and have the potential to be classified as gambling . However, the Jonum regime stipulates that France’s national gambling authority will monitor compliance, and users will need to report their age when creating a crypto gaming account, but no identity verification will be required when registering. While the bill has passed the National Assembly, it will then need to be reviewed by the Constitutional Council, which has the power to review and potentially reject the bill. Some lawmakers still hope that the bill will be rejected, arguing that it treats crypto games more favorably than online casinos and may lead gambling platforms to enter the Web3 field. (Decrypt)