The issue comes down to if governments accept such a (urgh) comparatively lax implementation. It's pretty clear to me that the primary purpose of these laws are entirely to... force all citizens to identify themselves across the internet for the purpose of profile building, and nothing to do with child safety.
So as implementations go; this one is pretty decent. We should stop governments from passing these darn laws though.
I'd like to see details about their model there, but account age is at least better than a lot of systems like steam are doing for this.