(MENAFN- Crypto Breaking) Switzerland's financial regulators have recently taken action against emerging blockchain platforms, reflecting ongoing efforts to clarify the legal landscape around NFTs and crypto-based gaming. The Gambling Supervisory Authority (GESPA) has filed a formal complaint against FIFA's NFT platform, FIFA Collect, claiming it operates as an unlicensed gambling service in breach of Swiss regulations. This move underscores the rising scrutiny of how digital assets and Web3 technologies intersect with existing laws, especially in areas like online competitions and ticketing in the sports industry.

• Switzerland's GESPA issues complaint against FIFA Collect, alleging unlicensed gambling activities.
• The platform's competitions, including rewards such as airdrops and challenges, are considered gambling under Swiss law.
• FIFA's NFT initiatives, including ticketing rights for the 2026 World Cup, are under regulatory review amid broader questions of legal compliance in Web3 sports adaptations.
• The regulatory push highlights the broader challenges facing NFT and DeFi platforms as authorities adjust to rapid technological innovations.
• FIFA plans to transition its NFT operations to a proprietary blockchain infrastructure, signaling increased focus on in-house solutions.

GESPA launches probe into FIFA Collect

Switzerland's Gambling Supervisory Authority (GESPA) announced in October that it is investigating FIFA Collect, a popular NFT platform launched in 2022 that offers digital memorabilia and ticketing rights for upcoming sporting events. The regulator's concern centers around the platform's“Right to Buy” NFTs, which grant holders the right-without obligation-to purchase tickets for the 2026 FIFA World Cup at face value, aiming to curb secondary market price inflation.

Data from FIFA Collect shows that premium World Cup reservation NFTs, including top teams like Argentina, Spain, France, England, and Brazil, sold out quickly at approximately $999 apiece. The platform, built on the Algorand blockchain, has also released various collections of football-related digital assets since its launch.

FIFA announced plans to migrate its NFT operations to a dedicated blockchain-the FIFA blockchain-built as a subnet on Avalanche, to enhance control and scalability. This move signals a broader shift toward proprietary infrastructure to better comply with evolving regulations and to support the expanding use of NFTs in major sporting events.

As authorities continue to scrutinize these platforms, the case exemplifies the broader legal uncertainties facing the intersection of blockchain, sports fandom, and online gambling. The regulation of NFTs and crypto in the sports sector remains a rapidly developing area, with significant implications for future innovations in digital collectibles and event ticketing.

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