In simpler terms, the Remote Gambling Act of Singapore in 2014 essentially serves as a barrier to many online betting operations, except those that have been officially endorsed by the government. Unfortunately, Polymarket did not meet the criteria for approval.
In simpler terms, it means that Polymarket, a platform for predicting real-world events using cryptocurrency, could expand its list of countries where it’s not allowed to operate, possibly including Singapore.
Gambling in Singapore is strictly controlled by the government, permitting only specific types of wagering, such as lottery games and sports bets, which are monitored by government-operated organizations.
In simpler terms, starting from January 11th, the authorities have banned Polymarket, an unlicensed online gambling platform, due to the nation’s firm rules against such activities.
polymarket在坡正式定义为博彩网站，想下注只能去国营博彩公司哦，否则面临罚款和坐牢哦
— alexzuo🫡 (@alexzuo4) January 12, 2025
Polymarket presses on
Singapore isn’t alone in having issues with Polymarket; other nations, particularly those who have strict gambling regulations or are still grappling with understanding decentralized finance (DeFi), are also introducing legal challenges to its operations.
Specifically, the United States has taken a proactive role, spearheading the initiatives. Notably, the Commodity Futures Trading Commission (CFTC) determined that Polymarket required certain regulatory adjustments, and they implemented these changes in a firm manner.
A week ago, the Commodity Futures Trading Commission (CFTC) disclosed a settlement with the corporation responsible for Polymarket. According to reports, the latest CFTC chair, Rostin Behnam, expressed this to the Senate Agriculture Committee: The CFTC is prepared to serve as the main enforcer in the realm of digital asset markets.
Currently, nations within the European Union and certain regions in Asia, such as China, are maintaining a physical and digital distance, which makes it somewhat challenging for users to directly reach Polymarket without encountering a few technical barriers along the way.
The platform’s decentralized structure, which operates on Polygon as an Ethereum (ETH) layer-2 solution, complicates matters significantly. As there’s no central authority to hold accountable, governments find it challenging to establish clear legal boundaries, particularly in regions where internet gambling regulations are stringent.
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2025-01-13 06:14