Swiss gambling regulator criminally charges FIFA NFT platform over unlicensed gambling allegations
Summary
- The Swiss Gambling Supervisory Authority said it has criminally charged FIFA Collect NFT platform on charges of providing unlicensed gambling services.
- It said that participation fees and cash rewards for NFT-based drops and challenges on the platform may violate gambling laws.
- It said the final determination of criminal liability will be decided by the prosecution.
The Swiss Gambling Supervisory Authority (GESPA) has criminally charged FIFA's World Cup non-fungible token (NFT) platform 'FIFA Collect' for violating local gambling laws. The regulator determined that the platform is offering gambling services in Switzerland without a license.
On the 17th (local time), The Block reported that the Swiss Gambling Supervisory Authority became aware of FIFA's online platform FIFA Collect in early October and launched an investigation. The investigation found that requirements for participation fees and cash rewards for NFT-based collectible content such as 'drops' and 'challenges' on the platform were problematic.
The gambling authority pointed out, "FIFA Collect operates activities that are in part lotteries and in part sports betting, which are classified as gambling under federal law." It added, "Providing gambling services in Switzerland requires a license, but FIFA is operating without the relevant license." Accordingly, the authority notified the judicial authorities of the matter under the Federal Act on Gambling.
The final determination of criminal liability will be made by the prosecution. FIFA has not issued an official statement on the matter to date.
Son Min
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