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How Digital Payments Can Curb Money Laundering And Increase Trackability In The Real Money Gaming Sector?

Inc42 · 8m

The emergence of digital payments has brought significant improvements to the world of online gaming. It has addressed loopholes in payment transactions, reducing the chances of unknown or illegal deals taking place. Self-regulating organizations (SROs) in the gaming industry should develop a code of conduct and monitor members' compliance with it. The shift to iGaming has increased accessibility and participation, as games can be played on mobile devices. Digital payments ensure traceability and transparency, enabling early detection of suspicious or illegal activities. Regulators should prioritize the protection of players and establish adequate regulations to attract foreign investment. The use of digital payments and blockchain technology allows for quick investigation and the prevention of money laundering or funding of unlawful activities. The mandatory KYC and tax deductions help identify players and track the flow of money. Overall, digital payments have significantly improved security and transparency in the gaming industry.