#Singapore Locks Down Polymarket#
Hot Topic Overview
Overview
The Singapore government has classified prediction market platform Polymarket as a gambling website and has blocked it. Singaporean users attempting to access the Polymarket website are met with a prompt informing them that the site is an illegal gambling website and warning them of potential fines of up to S$10,000 or imprisonment for up to six months. The block is attributed to Singapore's Gambling Control Act 2022, which prohibits betting with unlicensed operators.
Ace Hot Topic Analysis
Analysis
The Singaporean government recently blocked the prediction market platform Polymarket, labeling it an unlicensed gambling website. Under Singapore’s Gambling Control Act 2022, it is illegal to place bets with unauthorized operators. Singaporean users accessing the Polymarket website are met with a notice designating the site as an illegal gambling website and warning users of potential fines of up to $10,000 or a maximum of six months’ imprisonment. The incident has sparked discussions on the regulation of prediction markets and the application of cryptocurrencies and blockchain technology within legal frameworks. The Singaporean government’s move aims to crack down on unlicensed gambling activities and protect users from potential risks.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore has classified Polymarket as a gambling website and blocked it.
Singapore users who attempt to access the Polymarket website will be met with a message indicating that the site is an illegal gambling website and that they may face fines or imprisonment.
Singapore's reason for blocking Polymarket is its concern over unlicensed gambling, which violates the Gambling Control Act 2022.
Polymarket has not yet obtained a gambling license in Singapore.