A few months ago, French legislators introduced the SREN bill aimed at securing the digital space in France. This regulatory initiative, also called the Sorare law, proposed, among other things, the adoption of a legal regime, applicable to games based on non-fungible tokens (NFT) and cryptos. It is now done.
French legislators adopt the Sorare law!
This Wednesday, October 18, the French National Assembly voted in favor of the Sorare law. A development which marks a first step towards the establishment of a regulatory framework dedicated to games integrating NFTs and monetization models based on cryptos.
The decision to adopt this legislation was taken as part of the broader law regulating the digital space, known as SREN. This during a session of 561 members of the assembly who cast their vote.
The approval of this law constitutes an important victory for the French crypto-gaming industry. Indeed, an overwhelming majority of 437 parliamentarians supported the regulatory initiative. Only 77 MPs opposed it.
The text must still go before the Constitutional Council for questions of constitutionality control. But it is already a major step forward towards regulatory clarity for a growing gaming sector.
An innovative law?
For observers, the Sorare law is particularly a game-changer for the ecosystem of games comprising monetizable digital assets. This is because it seeks to find a balance between the innovation of French startups and safeguarding the interests of users.
But it’s not. This piece of legislation would seem to act as a bulwark against the acts of fraud which have marked this sector in recent years. This is what Karima Lachgar, CEO and head of legal and regulatory strategy at Olky Wallet, explained.
“The SREN can help legitimize the sector which is experiencing rapid growth and which has suffered from scams in recent years”declared the official following the adoption of this regulation.
According to the latter, it is the National Games Authority (ANJ) which will be responsible for monitoring compliance. A provision which, among other things, will require users to provide their identities when withdrawing winnings from the game. The text would still need to pass constitutionality control. Some MPs still hope to block it at this stage.
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