sorare, the now famous French startup that has just closed a round of financing for 680 million euros, is under indictment in Great Britain. According to Gambling Commission operating in England, in fact, the company is operating in the gambling sector without having requested the necessary license in the country to do it.
It was precisely the commission responsible for supervising the correctness of the operations that take place in this sector that announced its decision. He did so in a statement in which he clarified how the crux of the dispute is to be found in whether Sorare's technological fantasy football constitutes a game of chance or not.
Sorare's reply came by return of post. The transalpine company, in fact, claims that it does not need any type of license in order to operate. Not going to violate the existing legislation on the matter in Great Britain as a result.
In the statement issued, the company also stated that it believes this is a logical consequence of its success in a sector like the one in which it operates. As usually happens for all those who move in the field of new emerging technologies, in practice it would be a simple matter of interpreting the rules. And, after careful consultation with his own legal sector, Sorare has come to the conclusion that no type of license is needed for his fantasy football on blockchain.
Sorare was born in the course of 2018, immediately attracting attention for his fantasy football based on the sale of digital cards, on the model of NFT auctions (non-fungible tokens). In the roughly three years since its debut, the French startup has closed one very long series of agreements within the composite football universe. Prestigious clubs from the major world professional leagues have joined, but not only.
Agreements that during the year led to a real explosion of Sorare, whose value has now reached 4,3 billion euros. Thanks to the more than 500 thousand users who have chosen the platform and who give life to exchanges which have reached 150 million dollars.
Football and cryptocurrencies, an ever closer union
The one between football and digital assets is an increasingly close relationship. Favored by two concomitant needs: the raising of new funds by sports clubs and the achievement of ever-growing popularity by companies operating in alternative finance.
Only with regard to Serie A, it would be enough to remember the sponsorships of digitalbits towards Roma e Inter, to understand how the world of football has shown its remarkable receptivity to cryptocurrencies.
The legislative problems posed by digital assets
The investigation opened by the UK Gambling Commission, however, also confirms the persistence of some regulatory problems. These must be resolved in order to finally be able to give a clear regulatory framework to a rapidly expanding sector.
A need that has been put forward by several parties over the last few months. Enough to push the new tenant of the White House, Joe Biden, to propose a coordinated intervention by governments to find a solution to the problem. Biden himself, who should soon present his proposal on the matter.
While also the commissioner of the SEC Hester Peirce in turn, he argues that it is a pity that the agency fails to regulate the cryptocurrency and decentralized finance sector.