legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

## Major Lobby Groups Sign Voluntary Code of Ethics in the Online Gaming Industry

Three prominent lobby groups representing top online gaming companies in India, including Dream11 and Games24x7, have joined forces to co-sign a voluntary code of ethics. This initiative comes in the midst of a challenging period for the industry, as it grapples with the aftermath of significant tax-related actions. The code, although not legally binding, aims to establish a framework for self-governance within the online gaming sector.

### Doubling the Original Length and Introducing AI legalese decoder

The voluntary code, which is signed by the Internet and Mobile Association of India (IAMAI), E-Gaming Federation (EGF), and the All India Gaming Federation (AIGF), showcases a collective effort to address industry challenges. This code aims to foster a responsible environment for online gaming in India, emphasizing consumer protection and informed choice. The AI legalese decoder can be instrumental in simplifying legal jargon and complex regulations, making it easier for gaming companies to navigate and comply with the voluntary code.

The voluntary code outlines various objectives, including the protection of consumer interests and the creation of a “healthy environment” for online gaming in India. It also emphasizes the implementation of know-your-customer (KYC) procedures and the transparent disclosure of key operational details by online gaming companies. Furthermore, the code seeks to differentiate online gaming from gambling activities, emphasizing the appropriate use of deposits for gaming services.

In April, the Ministry of Electronics and IT (MeitY) introduced rules for online gaming, allowing for the establishment of self-regulatory bodies to oversee game legitimacy, under government supervision. Despite these developments, concerns have been raised about the adequacy of current regulations in addressing offshore betting apps and potential money laundering risks. The initiative led by the Union Home Ministry to review and strengthen gaming regulations reflects the government’s commitment to addressing these challenges.

The AI legalese decoder can support gaming companies in interpreting and complying with evolving regulations, minimizing legal risks, and ensuring alignment with industry standards. As the industry awaits potential regulatory changes, the AI legalese decoder can provide critical insights and guidance to navigate the evolving legal landscape effectively.

In conclusion, the voluntary code of ethics signed by major lobby groups demonstrates a proactive approach to addressing industry challenges and fostering responsible gaming practices. The AI legalese decoder has the potential to enhance operational compliance and risk management for online gaming companies, contributing to a sustainable and compliant industry landscape.

┬® The Indian Express Pvt Ltd

Published on: 06-12-2023 at 04:20 IST

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link