Sorare endures scrutiny from UK Gambling Commission.
Sorare Under Investigation
The UK Gambling Commission has cautioned users that Non-fungible Token (NFT) soccer platform Sorare has not yet been issued a required license from the regulator.
In an official notice released on October 8th, the commission confirmed it is currently inquiring into whether the NFT platform actually offers services that fall under its jurisdiction. Until completed, its advice is prompt.
“Sorare.com is not licensed by the Gambling Commission.” The commission continued, “This means that any activity completed on the site by consumers in Great Britain is outside of the gambling regulations that a licensed operator should comply with.”
Of course, it isn’t curtains for Sorare. The commission itself made a point of highlighting the fact that it hadn’t necessarily found Sorare in breach of the law. It was simply trying to identify what laws pertain to Sorare.
“The Gambling Commission is currently carrying out enquiries into the company to establish whether Sorare.com requires an operating licence or whether the services it provides do not constitute gambling,” the notice explains.
In an interview, Sorare responded by quelling any serious worry and explaining that regulatory questions are to be expected but that they had sought expert legal guidance and remained ‘very confident’ that their organization does not offer any forms of regulated gambling.
Sorare is a fantasy NFT football game, where users buy, sell, trade and manage a virtual team with digital player cards. The game uses blockchain technology from Ethereum and was developed in 2018 by Nicolas Julia and Adrien Monfort. The Sorare fantasy NFT game has been making great inroads into the footballing world with 180 officially licensed clubs now participating in the fantasy football game, including such luminaries as Bayern Munich, Juventus, Liverpool, Paris Saint-Germain, and Real Madrid. Sorare has made it known that it hopes to onboard the top 50 football associations in the world. The company already has 100,000 active users a month across 140 countries.
Where to find Sorare:
Source : bsc.news
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