Now KYC will be necessary in online gaming, know full news


KYC will be necessary in online gaming Online gaming is very a lot in pattern these days. Day by day the number of individuals enjoying it is growing. Along with its recognition, the government has now been alerted by the enormous quantity of bets in these online video games. Soon the process of KYC for individuals enjoying online video games (KYC will be necessary in online gaming) must be accomplished.

This is as a result of according to the news coming in the media, the government has began seeing ‘video games’ in these online video games. The government suspects that the enormous quantity spent through these video games may really be black cash. Which is being made white with black cash by placing it in the sport. Which can also be used to fund any terrorist actions going forward.

The government is soon preparing to enhance the strictness on online video games. For which these online video games can be introduced under the Money Laundering Act. This news revealed in Business Standard states that the government is trying to convey these online gaming and all associated actions under the Prevention of Money Laundering Act (PMLA). If this occurs, all the avid gamers who play online will have to complete the process of KYC.

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Why KYC is required?

Soon all avid gamers will be required to do KYC (know your customer-KYC) to play online video games. The platform of online gaming will soon be introduced under PMLA so that without KYC no participant will be in a position to play the video games. The government decided these guidelines for online video games so that the transactions through video games might be monitored. In truth, the investigating companies were not in a position to monitor some cash associated transactions. The cause for this was that there was no info about the prospects who performed the sport and invested cash. Due to which the government had to take this choice in the curiosity of the nation.

For your info, allow us to inform you that according to the India Mobile Gaming Report 2021, there has been a 170 % enhance in the number of individuals enjoying online video games in contrast to 2020. This growth has been seen in the high 30 small cities of India. At the same time, in some other small cities, there has been an enhance in the number of such individuals from 100 to 200 %.

KYC will be necessary in online gaming: what will be its impact?

  • Due to KYC requirement, gaming corporations will have to appoint a director and a chief officer individually.
  • These gaming corporations may be requested to provide details of transactions above Rs 50,000.
  • Gaming corporations will be given the standing of a reporting entity, requiring these corporations to provide info about the sender/remitter and receiver of cash and all other associated info to the Financial Intelligence Unit (FIU).

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