@everyone

Singapore Blocks Access to Polymarket Over Gambling Concerns

Singapore has blocked access to Polymarket, a cryptocurrency-based prediction platform, over alleged violations of unlicensed gambling rules. The move comes under the Gambling Control Act 2022, which prohibits all forms of betting with unlicensed operators.

“If you want to bet, you are only allowed to use state-owned services such as Singapore Pools. Otherwise, you will face fines or imprisonment,” Alex Zuo, Vice President of Investment and Custody at Cobo Global, wrote on his X platform on Sunday (12/01).

When trying to access Polymarket, Singaporean users are presented with a warning from the Gambling Regulatory Authority (GRA), stating that the site is considered an illegal gambling service and stating that Singapore Pools is the only licensed online operator.

Despite this, Singapore remains recognized as one of the global hubs in the blockchain and cryptocurrency industries, with thousands of patents and work in the field.

-# Image Source: The Information