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Experts advocate KYC as a safeguard for online gaming platforms
In a rapidly growing online gaming sector, experts highlight the importance of Know Your Customer (KYC) processes to establish trust between gaming platforms and users. During the ASEAN Gaming Summit, speakers discussed how KYC can enhance user confidence and improve business strategies.
Key Points
- KYC is essential for building trust between online gaming platforms and their users.
- It helps platforms verify user identities remotely, enhancing security for player funds.
- Strong KYC measures can increase user confidence, as they indicate a platform’s commitment to protecting user information.
- Attitudes towards sharing personal information in the Philippines are evolving, becoming more accepting as part of gaming regulations.
- Technological advancements, including AI and deepfakes, pose challenges that KYC processes must continually adapt to.
- Collaboration with established verification systems can address unique challenges, such as limited access to foundational identification in certain markets.
Why should I read this?
This article is crucial for stakeholders in the online gaming industry, as it underscores the importance of KYC procedures in fostering trust and security. Understanding these dynamics can help businesses adapt to regulatory requirements and enhance user experience, ultimately driving growth in the sector.
Source: AGB
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