Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming

In a groundbreaking decision, the French National Assembly has approved the Jonum regime, also known as the Sorare Law, marking a pivotal moment for the crypto-powered video game industry in France. With 437 members in favor, this legislation is designed to navigate the delicate balance between encouraging innovation in French startups and safeguarding user interests within the realm of crypto games. Over the years, crypto games like Sorare and Stables have grappled with legal ambiguities, teetering on the edge of being labeled games of chance and gambling, a classification that could have led to substantial taxation. The Jonum regime, however, introduces a dedicated regulatory framework, aiming to legitimize a rapidly growing sector while addressing user protection concerns. It's a move that defines "Jonum" legally and offers tailored regulations, signifying a positive stride toward a clear legal structure for the crypto gaming industry. Yet, despite its overall support, the legislation faces potential roadblocks on its journey to becoming law, as it awaits review by the Constitutional Council, highlighting the ongoing debates surrounding the future of crypto gaming in France and its potential impact on the broader gaming and gambling industries. The French National Assembly's recent approval of the Jonum regime, also referred to as the Sorare Law, marks a significant development in the rapidly evolving world of crypto-powered video games. The legislation, passed with the support of 437 members, seeks to create a legal framework that strikes a balance between promoting innovation in French startup companies and ensuring user protection within the crypto gaming sector. For years, crypto games like Sorare and Stables have operated in a legal gray area, as regulators considered whether they met the criteria for games of chance and gambling, which could have resulted in substantial tax burdens on these businesses.The Jonum regime, however, signifies a breath of fresh air for the local crypto gaming industry. By introducing a dedicated regulatory framework, it aims to legitimize an industry that has grown rapidly but has been plagued by concerns about scams and legal ambiguities. This development represents a positive step towards providing the crypto gaming industry with a clear legal structure, distinct from traditional video games and gambling.One of the key aspects of the Jonum regime is its legal definition of "Jonum." This definition is a groundbreaking move as it provides a foundation for understanding and regulating the unique blend of crypto-powered video games, setting the stage for tailored regulations that promote innovation while ensuring user safety.Despite the overall support for the Jonum regime, there remains a faction of deputies who oppose it. The legislation will now undergo scrutiny by the Constitutional Council, which has the authority to review and potentially reject it. This dissent suggests that concerns or opposition to the proposed regulatory framework still persist, and the road to fully embracing crypto gaming in France may encounter some hurdles.Critics argue that the Jonum regime may create a preference for crypto games at the expense of traditional online casinos. This has raised concerns that traditional gambling platforms may seek to adapt to the play-to-earn and Web3 sectors to take advantage of the potential profitability. For instance, the state-controlled betting system, Pari Mutuel Urbain (PMU), has already ventured into the crypto space with its fantasy horse racing game, Stables.The Jonum regime introduces significant requirements for users, particularly related to age reporting. However, unlike more stringent regulatory approaches in other countries, the legislation does not mandate identity verification during the initial registration process. Instead, primary identity verification is required when users withdraw in-game earnings, with the intention of enhancing user protection.Additionally, the legislation imposes restrictions on the promotional activities of Web3 games using influencers. It specifically prohibits the use of influencers for promotional activities on online platforms that cannot effectively exclude minors, aiming to ensure that promotional efforts do not inadvertently target or influence underage audiences.Compliance oversight under the Jonum regime falls under the responsibility of the Autorité Nationale des Jeux (ANJ), also known as the French National Gambling Authority. This regulatory body will oversee compliance with regulations related to crypto games, age reporting, identity verification, and promotional restrictions.The Jonum regime represents a pivotal moment for the crypto gaming sector in France, providing much-needed clarity and structure to an industry that has grappled with regulatory ambiguity. It aims to strike a balance between supporting the growth of French startups and creating a safe and transparent environment for players.As the Jonum regime awaits examination by the Constitutional Council, the future of crypto gaming in France hangs in the balance. The outcome of this review will determine whether the legislation becomes final and sets a precedent for other nations grappling with the regulation of crypto gaming. Debates continue to revolve around the potential impact of the Jonum regime on the broader gaming and gambling industries, with proponents and critics expressing their viewpoints on its implications for fairness and competition.

The release of the blockchain game "Shrapnel," a first-person extraction shooter, is facing delays due to regulatory restrictions in the United States. To comply with U.S. securities regulations, the game's developers have removed a feature that allows U.S. players to cash out their in-game earnings. This decision stems from the strict rules enforced by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), which has led many cryptocurrency companies to limit their domestic operations and focus on international markets."Shrapnel" is set in the year 2038 on Earth and offers players the opportunity to seek goods, compete against enemies and other players, and earn money within the game. The use of blockchain technology allows users to create open economies and own intellectual property rights for in-game items. The game's developers hope that this restriction on cashing out for U.S. players will be temporary and that they can eventually offer this feature.The game's development team, Neon, has chosen to use Avalanche for its scalability, with a transaction processing capacity of 555 transactions per second (TPS), which is expected to grow as Avalanche matures.While U.S. regulatory concerns have slowed down the release of "Shrapnel," the global metaverse and gaming industry, particularly in Asia, is still growing. The game will offer a paid early-access version in December, with plans to eventually become free to play."Shrapnel" is an AAA first-person extraction shooter set in a post-apocalyptic world, offering players extensive control over the items they collect. It features complex physics, destructible environments, character customization, and various game modes, catering to both single-player and multiplayer experiences.FAQ: Shrapnel Blockchain Game and U.S. Regulatory Restrictions. What is "Shrapnel," and why is it facing delays in its U.S. release?Answer: "Shrapnel" is an upcoming AAA first-person extraction shooter game built on blockchain technology. It offers players the ability to earn money within the game and own intellectual property rights for in-game items. The game is facing delays in its U.S. release due to regulatory restrictions imposed by the U.S. Securities and Exchange Commission (SEC).What specific feature is being altered for U.S. players, and why?Answer: The feature being altered for U.S. players is the ability to cash out their in-game earnings. This change is necessary to comply with U.S. securities regulations enforced by the SEC. Players in Europe and Asia will still be able to cash out their earnings, but this feature will be restricted for U.S. players.Why are U.S. regulatory concerns impacting "Shrapnel" and other cryptocurrency companies?Answer: U.S. regulatory concerns, particularly under the leadership of SEC Chairman Gary Gensler, have led to increased scrutiny and strict rules for cryptocurrency and blockchain-related activities. Many cryptocurrency companies, including "Shrapnel" developers, are choosing to limit their domestic operations and expand globally to avoid regulatory complications.How does "Shrapnel" work, and what sets it apart from other games?Answer: "Shrapnel" is set in a post-apocalyptic world in the year 2038 and allows players to explore dangerous areas, engage in combat, and collect resources to survive. What sets it apart is its use of blockchain technology, which enables players to create open economies within the game, own intellectual property rights, and earn money through various in-game activities.What blockchain technology is "Shrapnel" using, and why?Answer: "Shrapnel" has chosen to use Avalanche blockchain technology. The decision was driven by Avalanche's scalability, with a transaction processing capacity of 555 transactions per second (TPS). As the Avalanche platform matures, "Shrapnel" expects to scale more effectively and accommodate a growing player base.When can we expect the release of "Shrapnel" for U.S. players?Answer: While U.S. players are currently restricted from cashing out their in-game earnings in "Shrapnel" due to regulatory concerns, there is hope that this limitation will be temporary. The development team, Neon, is working to address these regulatory issues. A paid early-access version of the game is planned for release in December, with the goal of eventually offering free-to-play access to all users.Is the metaverse and gaming industry still growing despite regulatory challenges?Answer: Yes, the metaverse and gaming industry continue to experience growth, especially in Asian markets such as Hong Kong, South Korea, and Japan. Despite regulatory challenges, the demand for virtual worlds and online gaming remains strong, and it is expected that regulatory issues will be resolved over time to allow broader access to platforms like "Shrapnel."

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