MeitY notifies final rules for online gaming; appoints SROs and mandates KYC verification
India’s Ministry of Electronics and Information Technology (MeitY) has released the final regulations for online gaming.The new rules aim to enforce greater due diligence by online gaming and social media intermediaries with respect to online games and fake or false misleading information related to Government business.According to the finalized regulations, the government will select several self-regulatory bodies made up of industry representatives, educators, and specialists in child development, psychology, and other relevant areas.If the SRO determines that an online real money game does not include betting on any result, it can declare it allowable.
The latest regulations define an online game as “a game offered on the internet and accessible through a computer resource or intermediary.” These rules forbid any game that includes betting and wagering. The permissibility of online games will be based on whether wagering is involved.Our focus is limited to the regulation of real money games that include the element of wagering.By excluding those, all other forms of games will be considered permissible,” stated MoS IT Rajeev Chandrasekhar during a press conference.
In addition to the SRO, the IT ministry has also mandated KYC verification for online gamers participating in games that involve real money.This move aims to prevent fraud and ensure transparency in online gaming. The IT ministry will also notify agencies to fact-check false and misleading information related to government business under the new rules.
The announcement of the new rules comes after extensive consultation and scrutiny. The government had earlier issued draft regulations in January 2023. The new rules aim to regulate the online gaming industry and ensure that players are protected from fraud and abuse. The government hopes that these new rules will help to create a safe and transparent online gaming environment in India.
Industry experts have welcomed the new rules, stating that they are a positive step towards regulating the online gaming industry. However, some experts have raised concerns over the strict nature of the rules, stating that they could stifle innovation and growth in the industry. They have urged the government to take a more balanced approach towards regulating the industry.
It is anticipated that the online gaming sector in India will be substantially affected by the implementation of the new regulations.The industry is currently valued at around $1.5 billion and is expected to grow at a CAGR of 22% over the next five years. The new rules are expected to create a level playing field for all players in the industry and ensure that players are protected from fraud and abuse.
The new rules for online gaming in India are a positive step towards regulating the industry and ensuring that players are protected from fraud and abuse. The appointment of SROs and the mandatory KYC verification of online gamers are important measures that will help to create a safe and transparent online gaming environment. However, the government must also ensure that the rules do not stifle innovation and growth in the industry. The industry is expected to grow rapidly over the next few years, and it is important that the government takes a balanced approach towards regulating it.
WHAT IS ONLINE GAMING / Gambling?
Online gambling refers to the act of placing wagers or bets on various games or activities over the internet. This can include casino games, sports betting, poker, lottery games, and more. Online gambling has become increasingly popular in recent years due to the convenience and accessibility of internet-based platforms. However, it is important to note that online gambling is subject to legal regulations in many jurisdictions, and it can also carry significant financial risks for individuals who engage in it.
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