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Highlights
- Thailand plans to ban Polymarket, citing concerns over illegal online gambling and cryptocurrency misuse.
- Singapore restricted Polymarket on January 12, joining countries like the U.S., France, and Taiwan in banning the platform.
- Polymarket is a blockchain-based prediction marketplace with $1.7 billion in trading volume and $118 million in total value locked.
Thailand mulls banning Polymarket, which is a type of decentralized prediction marketplace. It is used for conducting bets based on cryptocurrencies which cyber police classify as illegal gambling websites. Moreover, it has also been labeled as a platform that causes large economic and social harm due to its unregulated nature.
This comes after Singapore recently imposed restrictions on Polymarket, with the United States, Taiwan, and France joining in targeting the platform. After gaining global attention, the platform has begun to eclipse its global reach.
Thailand’s Statement on Polymarket Ban
On January 15, Thailand’s cybercrime investigation bureau announced plans to ban Polymarket. Authorities slammed the prediction market platform for allowing cryptocurrency to be used to place bets on almost any global occurrence and claimed that it could be classified as illegal online gambling under Thai laws. The announcement was made through the authority’s website and outlined the dangers associated with cryptocurrency-based platforms that operate without regulation.
Thai officials pointed out their goal of combatting illegal gambling and preventing the unauthorized use of cryptocurrencies. People will be protected from losses incurred by these over-the-counter non-prediction markets, so banning these platforms is justified, officials said. Authorities in Thailand are proceeding to likely ban the platform, although no specific timeframe has been set for the implementation. This reflects the growing push to impose restrictions on prediction markets.
Thailand, through this action, starts to share the experiences of other countries that fight to mitigate the consequences of the use of crypto-based betting platforms. The government is trying to stop the excessive use of digital assets for betting by focusing on this type of betting market.
Singapore and Other Nations Tighten Regulations on Prediction Platform
Singapore banned access to Polymarket on January 12 as part of a crackdown on unlicensed online gambling. The Gaming Regulatory Authority (GRA) issued warnings, highlighting that users caught violating the ban could face a fine of $10,000, imprisonment for six months, or both.
Polymarket’s legal troubles extend further. Authorities in the U.S., France, and Taiwan have deemed the platform illegal and banned its use. Taiwan prosecuted a user for placing a $530 bet on the platform, marking a strict enforcement approach. Additionally, Its terms of service prohibit access from countries like Venezuela, Iran, and Bolivia.
Adding to its challenges, the U.S. Commodity Futures Trading Commission (CFTC) reportedly issued a subpoena to Coinbase, requesting customer information linked to the Polymarket case. These measures demonstrate a coordinated global effort to regulate decentralized platforms facilitating unlicensed activities.
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