The new rules for online gaming prohibits any game that involves betting and wagering and entail a framework of multiple self-regulatory organisations (SROs)
Online games that collect money will need to complete KYC norms
The government on Thursday released new rules for online gaming which prohibit any game that involves betting and wagering and entail a framework of multiple self-regulatory organisations (SROs). ‘Online games that collect money will need to complete KYC norms and are involved in wagering or betting will fall foul of new online gaming rules’, Rajeev Chandrasekhar, Minister of State for Electronics and IT said.
There will be multiple SROs, and these SROs will have participation from all the stakeholders including but not limited to the industry. “We are dealing with a framework which allows for all online gaming to be determined as permissible or not, by an SRO and there will be multiple SROs,” Chandrasekhar added.
He further added that private companies have submitted model for SRO which will be discussed with them. “Government will notify SRO. It will be an independent body. We are starting with three SROs. If there is need for more we will go for it,” Chandrasekhar said.
Permissibility will be determined with the simple principle of whether wagering is involved and “if wagering is involved, the SRO will be in a position to say that those online games are not permissible.”
Speaking on the new rules for online gaming by the Ministry of Information and Technology (MeitY),Joy Bhattacharjya, director-general, FIFS said, “The notification of MeitY rules marks a pivotal moment for the online gaming industry in India. It is expected to put an end to the ambiguities that the industry was grappling with and lay the foundation for sustainable and responsible growth of the industry. India’s online gaming industry has already attracted $2.5B in FDI and we are hopeful that this will propel the industry to great heights and encourage innovation. We look forward to engaging with MeitY to seek requisite clarifications as our members initiate the compliance process.”
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