Electronics And IT Code: A Turning Point For The Player And Online Gaming Industry?
Electronics and IT Code: A Turning Point for the Player and Online Gaming Industry? The year 2023 has brought a new dawn to the online gambling industry.
The Government of India has designated the Ministry of Electronics and Information Technology as the focal point responsible for protecting the interests of the people and ensuring the overall development of the industry.
This could be a watershed moment for the online gambling industry which is grappling with a number of issues regarding its constitutional function.
This is a positive sign that brings clarity and certainty to the online gambling industry.
According to industry research estimates, the online gambling industry is worth Rs 150,000 crore and is expected to double by 2025.
The online gambling industry has been placed under MEITY (Ministry of Electronics and Information Technology).
Information Technology Minister Shri Rajeev Chandrasekhar published draft rules to regulate the industry.
In the past few months, companies and organizations related to the industry have talked about the establishment of different regulatory bodies and tried to say that because of this, the progress of the industry is being hindered.
The appointment of MEITY (Ministry of Electronics and Information Technology) as the focal point paved the way for the establishment of a national regulatory body.
Responsible Gambling and Accountability are the two main pillars, noting that MEITY (Ministry of Electronics and Information Technology) has revised its Information Technology Code 2021 (Guide for Intermediaries and Rules digital media ethics) to regulate the legal operation of the online gambling industry.
The plans presented to online game companies are identified as intermediaries and the Center is clearly identified as the online gaming regulator.
But what do the rules issued by the department mean? The proposed rules provide for the formation of a self-regulating body. Who could be answerable for approving the games?
It is recommended that online gambling companies be registered with this self-regulatory body.
It has an additional mandate that businesses will not be allowed to engage in gambling, betting, or wagering activities on the outcome of the Game.
In order to foster industry innovation and growth, it is proposed that the self-governing body have a board of directors made up of diverse fields such as public policy, information technology, psychology, and medicine to assist consumers and consumers in licensing the operation of online games.
Or the interests of ordinary people may be considered paramount. This content rule also takes into account that 40-45% of active gamers in the country are women, so safety becomes the most important issue.
To establish an orderly mechanism to protect users from potential losses, appropriate standards and rules have been put in place.
Online gambling companies will be required to perform KYC (Know Your Customer) for all users based on the standards set by the RBI.
Transparency of transactions is another parameter that has been specified in the draft rule keeping in mind money transactions including the transfer of winning amounts or items to users.
Electronics and IT Code: These rules also impose responsible gambling measures to protect users from gambling addiction and financial loss.
Taking into account all aspects of the online gaming industry’s operations, these regulations also provide a robust complaints mechanism, with lead agents and users having the ability to communicate directly.
With compliance officials, governments, and supervisory agencies. A complaint settlement officer is required to be appointed to deal with complaints.
Efforts should also be made to promote responsible advertising for online gambling companies in regulated locations to reduce their influence against illegal betting activity at home and abroad.
With gambling sites, Silver attracts customers through alternative advertising.
The guidelines proposed by ASCI build on earlier advice from the Ministry of Information and Broadcasting.
Self-regulatory agencies can ensure that such advertisements comply with these guidelines regarding age restrictions, and financial and other risk disclaimers, and do not promote sports participation as an income opportunity.
Ban them to prevent users from being attracted to websites operating from abroad.
The swift action of the Indian government in regulating the online gambling industry is commendable given the concerns of various stakeholders including parents, students, investors, and gambling companies.
This is the first step towards bringing the sector together under one regulator and will play a vital role in ensuring the growth of modern industries like online gambling.
