Polymarket Blocked in Singapore as ‘Unlawful Gambling Site’
Date: 2025-01-13 Author: Gabriel Deangelo Categories: IN WORLD
Polymarket, which allows users to speculate on real-world events using cryptocurrency, is now facing legal trouble in Singapore due to the Remote Gambling Act 2014. This law imposes strict restrictions on online betting, only allowing those that have received government approval. Unfortunately, the lack of regulation on the platform has led to its blocking, adding Singapore to the list of countries where Polymarket faces legal restrictions.
Singapore’s gambling laws are notoriously strict. Only state-regulated forms of betting are allowed, such as lotteries and sports betting, which are under the supervision of state authorities. Polymarket, which operates as a decentralized platform, does not meet these requirements. On January 11, the platform was officially blocked in the country, denying users access.
Polymarket’s problems are not limited to Singapore. The platform faces similar legal challenges in other countries, especially where governments have yet to figure out how to regulate decentralized financial technologies (DeFi). The United States, in particular, is actively investigating Polymarket. The Commodity Futures Trading Commission (CFTC) recently stepped in, announcing a settlement with the company. Rostin Benham, the new chairman of the CFTC, emphasized that the Commission intends to monitor digital asset markets and introduce appropriate regulations.
In addition to the United States, Polymarket faces challenges in the European Union and parts of Asia, including China. Users in these regions face barriers to accessing the platform, whether through legal restrictions or digital barriers. The decentralized nature of Polymarket only complicates matters, as there is no central authority to hold accountable, making it difficult for governments to implement clear regulations.
Polymarket runs on the Polygon network, a second-layer solution for Ethereum, further strengthening its decentralized structure. Without a central authority, it is difficult for governments to enforce laws on the platform, especially in countries with strict online gambling regulations. As a result, Polymarket continues to face challenges in maintaining its global presence while complying with various legal standards.
