The Philippines Central Bank formulates online gambling rules for banking, electronic income
go through Luisa Maria Jacinta C. Jocson, Senior Reporter
Bangko Sentral Ng Pilipinas (BSP) is DevelopmentFinancial institutions are required to impose stricter security protocol rules to mitigate the risk of online gambling.
“Actions are being taken to protect financial consumers from risks associated with online gambling,” the central bank said in a statement Thursday.
The thriving gaming industry in the Philippines has led to calls for norms and even bans of the industry as people worry about addiction and financial problems for Filipinos.
Philippine President Ferdinand R. Marcos (Ferdinand R.
Mr Marcos earlier expressed public support for taxes and regulations in the field, but did not raise that during the country address last month.
The Treasury has proposed taxes on online games, as well as other possible measures to compress public access to digital gambling platforms, such as imposing restrictions on time to market or cash.
“New rules set out after public consultation are being completed, which will require banks, e-money and other financial service providers to adopt,” BSP said. Prevent gambling-related injuries to be stronger. ”
These rules will include stricter authentication measures such as biometric checks and facial recognition when online gambling funds.
Central banks also try to impose “daily restrictions To reduce excessive FI in gambling-related transfersFinancial losses and time-based restrictions on gambling payments to help curb impulsive behavior. ”
Other measures include user tools to implement personal spending caps, voluntary breaks or self-designed options from gambling transactions.
“These safeguards are designed to reduce the risk of addiction, fraud and economic damage while promoting responseBSP added.
The central bank issued a draft notice last month aimed at strengthening regulations on online gambling payments to prevent abuse of financial services.
This will cover payment service providers engaged in these services and operators of payment systems that are aggregated by payment acquirers or online gambling operators.
Rizal Commercial Banking Corp. Executive Vice President and Chief Innovation and includesfIcer Angelito M. Villanueva said in Viber information.
He added: “As digital payments become more accessible, the risks of gambling, fraud and financial distress are becoming easier, especially in youth and vulnerable sectors.”
Mr Villanueva enumerated “an active, risk-based approach, which is more than just blocking transactions”.
“Measures such as real-time monitoring, stricter onboarding, businessman classification and customer self-exclusion tools will help banks and fintech (fintech) protect users while maintaining financial integrity.”
“This is a crucial step in building a more responsible and resilient digital finance ecosystem,” he added.
Digital Pinoys Group national athlete Ronald B. Gustilo proposed some measures that central banks and Filipino entertainment and gaming companies could consider blocking online gambling.
“Ban on social media platforms, e-licensing plates, banking platforms, super apps, booking sites and other websites or applications, unlessfThe online gambling platform itself is the ICIAL website. ” said Mr. Gustilo.
He added that banner ads, celebrities or influencers should also be banned as facilitators and any content that promotes illegal gambling.
“We also recommend that gambling be a criminal offence online. Stealing content or illegally using personalized photos or videos and editing them as if, should be a crime. Or celebrities recognize gambling. ”
The government can also consider discouraging easy access to gambling, such as increasing the minimum bet volume of online gambling platforms and raising the minimum betting age.
Stronger restrictions can also be used, such as not allowing any gambling and automatic cooling until the authentication process is completed.
Mr. Gustilo also advised not to allow sharing or loans. “Anyone who allows others to use their account should The platform is prohibited. ”
He also called for a ban on the use of electronic currency or online banks to top up gambling accounts and a ban on interfaces similar to children’s games.
On the other hand, political economist Calixto V. Chikiamco said BSP “should not be sure of ‘social harm.”
“This is a currency regulator, not a social engineer. It should be left to elected regulations that affect online games,” he said in a Viber message.
He said central banks should also regulate with caution.
“If they gamble for the poor, they might just bring gambling to illegal gaming sites. Games are a form of entertainment that should be suitable for poor and rich people.”
He added: “Social harm actually comes from gambling addiction, and there are tools like allowing relatives to ban relatives from entering the gaming website.”
Mr Chikiamco said regulations must be “smart” or otherwise they will “put players into unlicensed and unregulated markets that can be exploited, while tools for social damage mitigation do not.”
