Polymarket banned in Singapore as ‘illegal gambling website’
Singapore’s Remote Gambling Act 2014 is essentially the ‘no entry’ sign for most online betting activities unless you have a government-approved seal of approval. Unfortunately for Polymarket, it was not selected.
Polymarket, the decentralized prediction market platform that allows users to speculate on real-world events using cryptocurrencies, may add Singapore to the list of countries where it is not welcome.
In Singapore, gambling activities are heavily regulated, with the government only allowing certain forms of betting, such as lotteries and sports betting, under the supervision of public entities.
The country’s strict gambling laws prohibit unauthorized online gaming platforms, and the unregulated nature of Polymarket – as of Saturday (January 11) – has officially taken over.
Polymarket continues
Singapore is not the only place where there is a problem with Polymarket. Other countries, especially those that take gambling laws seriously or simply haven’t figured out how to deal with decentralized finance (DeFi), are also putting a spoke in the legal wheels.
The United States, in particular, has led the charge. The Commodity Futures Trading Commission (CFTC) decided it was time for Polymarket to make regulatory changes, and they haven’t exactly been lenient about it.
Last week, the CFTC announcement a settlement with the company behind Polymarket. The new president of the Commission, Rostin Behnam, would have said the Senate Agriculture Committee that the CFTC is ready to be the “top cop on the ground” when it comes to digital asset markets.
Meanwhile, EU countries and parts of Asia, including China, are keeping their distance, making it harder for users to access Polymarket without running into some digital hurdles.
The decentralized configuration of the platform — built on Polygon, an Ethereum (ETH) layer 2 solution – just adds to the headache. Without a central authority to take responsibility, governments struggle to set clear legal boundaries, particularly in places with strict online gaming laws.
Post Comment