Thailand may follow Singapore to ban Polymarket
Thailand to ban Polymarket, citing illegal gambling concerns
Thailand is poised to join a growing list of nations restricting access to Polymarket, a decentralized prediction marketplace that authorities have classified as an illegal gambling platform.
The move follows similar actions by Singapore, the United States, Taiwan, and France, reflecting heightened global scrutiny of unregulated crypto-based betting platforms, reports CoinGape.
Thai Cybercrime Bureau Targets Polymarket
On January 15, Thailand’s cybercrime investigation bureau announced plans to ban Polymarket, citing its classification as illegal online gambling under Thai law. Authorities condemned the platform for enabling cryptocurrency-based bets on global events, describing it as a source of “economic and social harm” due to its unregulated nature.
The bureau emphasized its commitment to combatting illegal gambling and safeguarding citizens from potential financial losses on unregulated platforms. While no specific timeline for the ban was provided, officials underscored their intent to curb the misuse of cryptocurrencies in gambling activities.
“This action is part of Thailand’s broader effort to mitigate the risks associated with digital assets and prevent their unauthorized use,” the bureau noted.
Singapore and Other Nations Tighten Restrictions
Thailand’s announcement follows Singapore’s recent crackdown on Polymarket. On January 12, Singapore’s Gaming Regulatory Authority (GRA) banned the platform, imposing severe penalties for violators, including fines of up to $10,000 and imprisonment of up to six months.
Polymarket has also faced legal challenges in the U.S., France, and Taiwan. Taiwanese authorities prosecuted a user for placing a $530 bet on the platform, highlighting their strict enforcement stance. Meanwhile, Polymarket has proactively restricted access from countries like Venezuela, Iran, and Bolivia through its terms of service.
Global Push Against Crypto-Based Prediction Markets
Polymarket has gained significant global attention due to its decentralized nature, allowing users to bet on almost any event using cryptocurrencies. However, regulators worldwide argue that these platforms bypass gambling laws and expose users to financial and legal risks.
The growing regulatory push reflects an effort to address the implications of unregulated prediction markets on economic stability and public welfare. Thailand’s impending ban signals its intent to align with global efforts to restrict such platforms and ensure the responsible use of digital assets.
As more countries tighten regulations, Polymarket’s global reach may face significant challenges, underscoring the evolving landscape of crypto-based platforms in an increasingly regulated world.
Recently we wrote, that Polymarket, a decentralized prediction market platform that allows users to bet on the outcomes of global events, has been classified as a gambling site by Singaporean authorities and subsequently blocked.
