Sorare: the platform soon under the thumb of crypto regulations? – BeinCrypto France

Sorare will have to justify its activities before certain French regulators despite the existence of a certain legal vagueness concerning crypto regulations.

A lack of diet for Sorare?

The grip of regulations on crypto could expand more and more over the years. While MiCa law has not yet been set up and France still manages industry under its own regime, certain activities arouse the interest of the authorities. Since the beginning of October, the French start-up Sorare has been talking about it again with the Senate following the report of a magistrate.

Christine Lavarde, member of the Senate and vice-president of the Finance Commission has indeed questioned the place that the fantasy football platform should have in France as well as within crypto. According to her, her activity could be associated with sports betting which is currently subject to strict regulation. However, Sorare is not under the control of the latter or that of crypto.

The criteria for sports betting as defined by article L.320-1 of the internal security code seem nevertheless to be met: “Are deemed to be gambling and games of chance and prohibited as such are all operations offered to the public, under any denomination whatsoever, to give rise to the hope of a gain which would be due, even partially, to chance and for which a financial sacrifice is required on the part of the participants”.

Excerpt from Christine Lavarde’s request concerning Sorare in the Senate

The question had already been asked during the summer since the National Games Authority had asked up to the French unicorn to prove that it did not offer sports betting, otherwise it would have to submit to the regulations governing this kind of practice. Sorare then replied that it did not fall into this category since its platform did not have the notion of betting. If users buy cards, they do not express themselves on the outcome of matches and are content to fight among themselves through their teams. The money spent would then be on the side of the NFTs and it would therefore be the crypto regulations that would take precedence over the others.

Towards an evolution of laws for crypto?

However, the status of Sorare still remains unclear. If, according to him, the platform does not meet the criteria for sports betting, it is still far from having to comply with European crypto regulations. Indeed, the latter do not include NFTs or games based on cryptocurrency. A real headache for the French government, as Grégory Raymond points out in an intervention for BFM Crypto.

France could be the first country to reclassify Sorare and NFT as gambling.

Excerpt from Grégory Raymond’s intervention for BFM Crypto

Source: BFM Crypto Twitter account

As the framework of the crypto sector is increasingly imminent and authorities around the world rage in the face of crypto casinos and gambling to win them, Sorare could push France to set up a new system for regulating NFTs. The government wishing invest, new laws may come to govern the non-fungible token market and the activity of the French unicorn. So we can expect some specially written rules to frame fantasy football. As for the European Union, it could be pushed to modify its MiCa law sooner than expected in the face of the authorities’ need to monitor NFTs.


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Sorare: the platform soon under the thumb of crypto regulations? – BeinCrypto France

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