#Singapore Locks Down Polymarket#
Hot Topic Overview
Overview
The Singaporean government recently blocked the prediction market platform Polymarket, classifying it as an unlicensed gambling website in violation of the country’s Gambling Control Act 2022. Users attempting to access Polymarket from Singapore are presented with a notice stating the website is an illegal gambling site and warned of potential fines up to $10,000 or six months of imprisonment. This blockage has raised concerns about Singapore’s approach to regulating cryptocurrencies and prediction markets, reflecting the government’s strict stance against unlicensed gambling activities.
Ace Hot Topic Analysis
Analysis
Singapore authorities have classified the prediction market platform Polymarket as a gambling website and blocked it. Under the Singapore Gambling Control Act 2022, unlicensed gambling operators are prohibited, and Polymarket, being unlicensed, has been blocked in Singapore. Users accessing the Polymarket website in Singapore will receive a prompt informing them that the website is an illegal gambling site and warning them of potential penalties of up to $10,000 in fines or up to 6 months of imprisonment. This event has raised concerns about the regulation of prediction markets and the differing definitions of gambling across different countries and regions.
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 will receive a warning when accessing the Polymarket website, stating that it is an illegal gambling website and users may face fines or imprisonment.
Singapore blocked Polymarket due to concerns about unlicensed gambling, which violates the Gambling Control Act 2022.
Polymarket is blocked in Singapore and users cannot access the platform.