#Singapore Locks Down Polymarket#
Hot Topic Overview
Overview
Singapore authorities have classified the prediction market platform Polymarket as a gambling website and blocked it. Singaporean users who visit the Polymarket website will be prompted that the site is an illegal gambling website and warned that they may face a fine of up to $10,000 or a prison sentence of up to six months. It is understood that the Singaporean authorities blocked Polymarket under the Gambling Control Act 2022, which prohibits betting with unlicensed operators.
Ace Hot Topic Analysis
Analysis
Singapore authorities recently blocked the prediction market platform Polymarket, classifying it as an unlicensed gambling website. According to Singapore's Gambling Control Act 2022, wagering with unlicensed operators is prohibited, and Polymarket was found to be in violation. Users accessing Polymarket's website from Singapore are met with a notice labeling it as an illegal gambling website, warning them of potential penalties of up to $10,000 or six months' imprisonment. This incident has sparked discussions surrounding the regulation of prediction markets, as well as the use of cryptocurrency and blockchain technology in gambling. The Singapore government's action is aimed at upholding its gambling regulatory framework and preventing the proliferation of unlicensed gambling activities.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore has defined Polymarket as a betting website and blocked it.
Singapore users are prompted that the website is an illegal gambling website when they visit Polymarket and may face fines or imprisonment.
Singapore blocked Polymarket due to concerns about unlicensed gambling, which violates the Gambling Control Act 2022.
Polymarket was blocked because it allows users to make predictive bets on political and social events, which the Singapore authorities have deemed to be gambling.