Online players in India may soon be required to complete KYC

Online players in India may soon be required to complete KYC

The Ministry of Electronics and Information Technology (Meity) will handle all concerns relating to online games, particularly those involving financial dangers, the Indian government has declared. The government has now put up a plan that calls for self-regulation by online gaming businesses, as well as Know Your Customer (KYC) requirements for players.

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According to the plan, online gaming companies should have a physical office address in India and should have compliance and nodal personnel. There should also be a self-regulatory organisation (SRO) for online games. Meity argues that the online gaming industry should establish a self-regulatory structure and make KYC a requirement for opening an account in an online game.

“The laws control gambling. Essentially, it forbids gambling on any game. Whether the game is legal or not will be decided by the SRO. Online games that give prizes and any game that permits bets on the result are practically off-limits. According to section 3(b)10 of the IT regulations, it is against the law to wager on a game’s outcome “Rajeev Chandrasekhar, Union Minister of State for Electronics and IT stated.

The most recent action aims to shield players from any financial dangers brought on by skill-based games like Rummy, and the government also wants these games to comply with Indian law. According to some, user authentication could prevent monetary losses in online games with financial hazards. Online games will have to display a registration symbol on those games that have received SRO approval, under the proposal.

The companies must also disclose the measures they will take to secure users’ financial investments in games. Additionally, gaming companies will be compelled to warn players about the dangers of playing online games and the possibility of addiction.

If players wish to make an account and play an online game, they must first complete their KYC. If they don’t have parental permission, children under the age of 18 might not be able to play online games that involve financial hazards. The guidelines will supposedly be finalized by February, and this is merely a proposal. So, by next month, we should have more clarification.

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