The online gaming industry is highly optimistic about the new regulations released by the government on Thursday. According to industry experts, these rules will not only promote innovation but also instill investor confidence and eliminate gambling platforms, making the sector globally competitive.
The industry collectively described the regulations as a “watershed moment,” a “game-changer,” and a “landmark,” emphasizing their significance in reducing regulatory fragmentation at the state level and creating a more stable business environment.
The All India Gaming Federation (AIGF) hailed the rules as a decisive first step towards comprehensive regulation for online gaming. They believe that these regulations will enable the industry to compete on a global scale. Similarly, WinZO games expressed their excitement, stating that the rules bring the dawn of a global gaming industry to India.
Under the new rules, online games involving betting and wagering are prohibited. The regulations establish a framework of multiple self-regulatory organizations (SROs) to determine the permissibility of an online game. These SROs will have to publish a framework on their website aimed at safeguarding users against gaming addiction, financial loss, and fraud.
Roland Landers, CEO of the All India Gaming Federation, expressed gratitude to the Ministry of Electronics and Information Technology (MeitY) for notifying the amendments. Landers believes that these regulations not only address the long-standing demands of gamers and the online gaming industry but also contribute to India’s technological advancement.
The industry believes that the new rules will not only promote consumer interest but also ensure responsible and transparent growth. They anticipate that the regulations will help curb illegal offshore gambling sites that have been proliferating in recent years.
Mobile Premier League (MPL) praised the regulations for acknowledging online gaming intermediaries and differentiating them from gambling platforms. They believe that this recognition will contribute to India becoming a global leader in gaming.
The rules are also expected to boost investor confidence and create a more stable business environment. MPL looks forward to working collaboratively with industry peers and stakeholders to transition to the self-regulatory model envisioned by MeitY.
WinZO games commended the regulations for providing a legal framework that distinguishes online games of skill from gambling. They believe that this differentiation will contribute to a level playing field and secure GST differentiation.
The newly released rules have received positive feedback from various gaming industry leaders, such as Nitish Mittersain, Founder and CEO of Nazara Technologies, Ranjana Adhikari, Partner at IndusLaw, and Malay Kumar Shukla, Secretary of the e-Gaming Federation. They emphasize that the rules will bring transparency, player protection, investment opportunities, and job creation to the gaming industry.
In conclusion, the industry is grateful for the government’s recognition of their need for regulatory clarity. They believe that the regulations will establish a safe and accountable internet environment for both the industry and end consumers.
(Note: The following section contains additional content unrelated to the topic of the gaming industry regulations.)
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