Singapore blocks access to blockchain prediction platform Polymarket
The ban aligns Singapore with other nations which have also scrutinised the legality of Polymarket’s operations.Key points:
- Singapore has banned Polymarket, joining other countries that have already restricted the blockchain-based prediction platform
- Violations of the ban could result in S$10,000 fines and six months imprisonment
- The move is part of Singapore's broader regulation of online gambling, which has blocked thousands of websites and millions in transactions
Singapore has joined a growing list of countries restricting access to Polymarket, a blockchain-based prediction trading platform, as part of its ongoing efforts to regulate online gambling activities.
The Gaming Regulatory Authority (GRA) of Singapore has declared the platform illegal, with violations carrying penalties of up to S$10,000 ($7280) in fines and six months imprisonment.
Polymarket, which enables users to trade on outcomes of real-world events ranging from politics to sports, became inaccessible to Singaporean users on 12 January 2025.
Good to know: The restriction of Polymarket in Singapore mirrors similar actions taken by other jurisdictions, including the United States, France and Taiwan; the platform's terms of service also exclude users from several countries, including Bolivia, Venezuela and Iran
The platform's restriction aligns with Singapore's strict gambling regulations, which recognise Singapore Pools as the sole authorised online gambling provider in the country.
The move follows Singapore's broader crackdown on unlicensed online gambling services, which has resulted in the blocking of over 3,800 websites and S$37m in prevented transactions by the end of 2024.
This enforcement action also coincides with Singapore's recent modernisation of its gambling regulations, including amendments to the Casino Control Act that permit cashless gaming at its integrated resorts (though explicitly excluding cryptocurrency transactions).
感恩无私的分享与奉献 :) 真是难得给力的帖子啊。 我只是路过打酱油的。 真是难得给力的帖子啊。
页:
[1]