Appointment Of Nodal, Grievance And Chief Compliance Officer Will Generate Trust In Online Games

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The government has come to recognise the fact that the online gaming industry skyexchis a big industry in the country. And its consumer base and status are increasing day by day. The industry is having at least 900 online companies offering games, online casinos and esports. The total worth of the online gaming industry is currently at $200 billion.

This industry needs legal protection. And it also should generate trust in itself by establishing a fast redress mechanism. The new regulations proposed by the government recently mentioned that every company in the online gaming industry need to have a redress system in place. The company should have a nodal officer, a compliance office and a grievance officer. Several companies have to welcome the idea as it would lead to skyexchange sign in players’ having greater safety. And it would instil confidence in players to come on board and play without any fear of harassment.

However, many companies have pointed out that it would be an expensive proportion for them. Already several online companies have a redressal mechanism in place. They also have a technical team ...
... to guide skyexchange sign in online players during their online playtime. The money which online players deposit is also safe as they can withdraw the money without permission from the online gaming company.

The online industry feels that since many of them are small players, the financial burden of keeping a chief compliance officer will a huge burden. The chief compliance officer will be a legal expert. She will be responsible for the entire legal aspect of the online industry. Such a key management position will entail a high salary, which many online gaming companies may not be able to afford.

The industry says a company skyexch which has acquired a certain threshold can afford to have a chief compliance officer. A small start-up may end up paying more than earnings. It will bleed several young online gaming companies. Currently, 70 % of online gaming companies are medium, small and micro units. And many of them are less than 3 years old. They are just able to keep themselves afloat because of their user base and keeping expenses low.

The point is that any company that neglects the consumers will suffer. So keeping consumers happy and solving any issue that arises is part of their business. They already have a system in place to check the harassment of online players. All online companies skyexchange sign in have fast withdrawal facilities for cash prizes. The 24x7 helpline keeps online players in contact with technical teams. So there is no compelling need to keep a legal expert a chief compliance post with a huge salary.

The idea that letting online companies themselves find the best way to deal with compliance issues is a practical one. No serious and authorised online company will neglect consumers. Since happy and satisfied consumers are the backbone of the online gaming company. They provide cash for running the company. Even without a rule to make the