Veerarjun Negi, Christ (Deemed To Be University) Delhi NCR
ABSTRACT:
The online gaming sector has grown substantially in recent years, presenting regulatory challenges. This summary explores the complex interplay of banking regulations, state laws, and judicial involvement shaping the regulatory environment for online gaming. Given the industry's global reach, comprehensive jurisdictional regulation becomes challenging. Banking regulations, mainly antimoney laundering (AML) and Know Your Customer (KYC) standards, are pivotal in overseeing online gaming transactions to prevent illicit activities. However, the efficacy of these regulations varies globally and relies on compliance from financial institutions. State legislation wields significant influence, determining the legality and extent of online gaming within their borders. Divergent state approaches, with some embracing online gaming for revenue and others imposing strict bans, result in a fragmented regulatory landscape. Amidst this complexity, judicial intervention is crucial for interpreting and clarifying the legal framework. Court decisions set precedents on issues like the classification of online gaming and the enforcement of gambling debts. This summary underscores the intricate balance needed among banking regulations, state laws, and judicial rulings to establish a coherent and effective regulatory structure for the online gaming industry. It emphasises the necessity for collaborative efforts and regulatory harmonisation across jurisdictions to ensure industry integrity, consumer protection, and responsible gaming practices. As the online gaming landscape evolves, stakeholders, including governments, financial institutions, and the judiciary, must adapt and collaborate to navigate the regulatory complexities of this expanding industry.
Keywords: Banking regulations, state legislations, judicial intervention, regulatory and judicial decisions, financial institutions
