Online gaming industry raises concerns about new rules, but IT Ministry offers assistance.

During a meeting with the IT Ministry, online gaming companies and industry associations expressed their satisfaction with the new online gaming rules. The regulations were seen as a welcome change, as they provide a much-needed regulatory framework for the industry. However, while the stakeholders acknowledged the importance of the new rules, they also raised concerns about potential conflicts with state laws and the difficulty of the know-your-customer (KYC) procedure.The Ministry assured companies that it would help resolve any issues that arise by adopting a “whole-of-government” approach. The stakeholders were encouraged by this commitment, as it demonstrates the Ministry’s willingness to work collaboratively with the industry to ensure that the new rules are implemented effectively.

The new rules require the establishment of self-regulatory bodies (SRBs) for games with a monetary element, and KYC procedures following the Reserve Bank of India’s guidelines. While the stakeholders acknowledged the importance of these requirements, some requested a lower KYC threshold due to compliance hurdles. They also asked how state governments would handle banned games.

The IT Ministry assured companies that it would help them navigate state laws and advocate for permissible games. The Ministry emphasized the importance of diverse self-regulatory bodies and welcomed the input of various sectors outside of gaming. This is an important step for the industry, as it demonstrates the importance of collaboration and inclusivity in the regulatory process.

Overall, the industry welcomed the rules for providing regulatory certainty. The new regulations will help to create a secure and transparent environment for online gaming, which is crucial for the growth and development of the industry. While concerns were raised about potential conflicts with state laws and the KYC procedure, the Ministry’s commitment to resolving these issues is a positive development for the industry. The stakeholders’ willingness to engage with the Ministry and work collaboratively to ensure the effective implementation of the rules is a promising sign for the future of online gaming in India.