A regulatory framework on online gaming is likely to bring in an age-verification mechanism and KYC (Know Your Customer) norms for real money games, according to a report in Business Standard. The Ministry of Electronics and Information Technology (MeitY) is nearing the completion of the draft which may be released in two to three weeks, the report added. The framework will be a part of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. It is also likely that the government will propose a self-regulatory model (propped up by self-regulatory bodies) for the gaming industry, Business Standard reported. Why it matters: The report is of note as the Indian gaming industry has witnessed a growth spurt in the last couple of years necessitating regulations. The regulations are a need of the hour as reports of addiction and financial stress have shot up simultaneously. Moreover, the absence of a uniform law has led to many states coming up with their own policies which led to a blanket ban in states like Tamil Nadu and Karnataka causing regulatory uncertainty in the sector. A uniform law can go a long way in drawing a balance between user protections and business clarity. Regulating online gaming: A panel set up by the Indian government recommended earlier this year that a separate regulatory body and framework will need to be created to govern the sector. The panel which was set up to draft policies on online gaming also recommended that the government should have the…
