Singapore has effectively banned the decentralized crypto prediction platform, Polymarket, citing the country’s stringent gambling regulations. The platform, which allows users to bet on real-world events using cryptocurrency, failed to secure approval under Singapore’s Remote Gambling Act of 2014.
Polymarket, which operates on the Polygon blockchain (an Ethereum layer-2 solution), now joins the growing list of online services restricted under Singapore’s tough stance on unregulated gambling platforms. The government permits only state-sanctioned betting activities, such as lotteries and sports betting, leaving little room for decentralized platforms.
The move to block Polymarket is not an isolated case. The company has encountered regulatory hurdles in multiple jurisdictions, including a recent settlement with the U.S. Commodity Futures Trading Commission (CFTC). This settlement is part of a broader crackdown targeting decentralized finance (DeFi) platforms that operate in legal gray areas. CFTC Chair Rostin Behnam underscored the agency’s determination to regulate the digital asset space, noting that platforms like Polymarket are under scrutiny.
Polymarket’s decentralized structure, which lacks a central authority, has made it particularly difficult for governments to enforce regulations. Countries in the EU and Asia, such as China, have also taken a cautious approach to the platform, given their tight restrictions on online gambling and cryptocurrency use.
As global regulations tighten, Polymarket faces increasing challenges to its international operations, with more governments adopting stricter measures against unregulated DeFi platforms.
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