French National Assembly passed the "Sorare Act" on Tuesday, introducing the first regulatory framework specifically for video games that use NFTs and cryptocurrencies. This law is part of the SREN digital space regulation law of the French National Assembly, with 561 members voting, of which 437 supported and 77 opposed the bill. This law is called the "Jonum system", which refers to games that have monetizable digital items and aims to promote innovation for French startups while protecting users. This law defines "Jonum" for the first time, paving the way for possible new regulatory frameworks specifically for cryptocurrency games, making them different from gambling and traditional video games. The passage of this law is seen as a positive development for the local cryptocurrency gaming industry. Previously, French regulatory authorities had stated that assets used in cryptocurrency games met three of the four criteria defining gambling and could be classified as gambling. However, the Jonum system stipulates that the French National Gambling Authority will supervise compliance, and users will be required to report their age when creating a cryptocurrency gaming account, but identity verification will not be required at registration. Although this law has been passed by the National Assembly, it still needs to be reviewed by the Constitutional Committee, which has the power to review and possibly reject the bill. Some members still hope that the bill will be rejected, believing that it is more favorable to cryptocurrency games than to online gambling, which may lead to gambling platforms entering the Web3 field.
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