Thailand is contemplating imposing a ban on Polymarket, a decentralized prediction market, which officials regard as an illegal gambling site because it allows the use of cryptocurrencies for wagers. Cyber police have also pointed out the market’s possibilities for great economic and social damage because of its unregulated nature.
This follows the latest curbs imposed by Singapore and also the US, Taiwan, and France have taken similar measures. However, regardless of these difficulties, Polymarket has caught the eye of the world and is now growing its global presence.
Thailand’s Comment on Polymarket’s Block
On January 15, Thailand’s cybercrime investigation bureau revealed that it would be blocking Polymarket which is a decentralized prediction market platform. Polymarket has been criticized by the authorities
for allowing users to place bets based on global events using cryptocurrency stating it might fall under the definition of online gambling and thus be illegal according to Thai laws. The announcement emphasized the potential dangers of decentralized and uncontrolled online exchangers.
Besides the latter, Thai officials made clear their intentions to tackle illegal gambling activities and the unregulated usage of cryptos. They argued that banning these platforms would save citizens from gambling losses brought
About by the abuse of self-service OTC prediction markets. At the same time, no timeframes for imposing the ban have been mentioned, which nevertheless aligns with the general tendency to introduce restrictions on the prediction markets.
In implementing this step, Thailand appears to be following the footsteps of other nations trying to grapple with issues that arise from the use of crypto betting platforms. The state has emphasized discouraging the excessive use of digital assets to bet by proposing to control this sort of market instead.
Singapore’s Growing Crackdown On Prediction Markets, Gambling Websites, and Platforms
Due to growing concerns around illegal gambling markets, Singapore has now gone ahead to block access to the polMarket as of January 12. Users in violation of the ban could face penalties that can go as high as a $10,000 fine, 6 months of imprisonment or both according to the enforcement orders released by the GRA.
The polymark and its various platforms are now banned in Taiwan, France, and the US. Belgium has become the first country to prosecute users of these platforms by charging them a whopping $530 for placing bets. Moreover, Polymarket has banned access to VPN users from several regions including Iran, Venezuela, and Bolivia, due to its geo-blocking issues.
Coinbase also reportedly received a subpoena from the US commoditity callies in the form of CFTC which inquires about polMarkets while getting user information under the US regulation. The rising concern over borders gone nonlinear is alarming to potential governments.
