As a researcher, I’m sharing an update about Polymarket, a predictions market platform. There are signs that its operation might be discontinued in Thailand due to the Thai authorities taking action against cryptocurrency-based gambling operations.
Thailand’s cyber law enforcement is intending to close down the predictions market, Polymarket, as it reportedly breaches the nation’s gambling regulations.
According to a statement made on January 14th, the cyber enforcement authorities have declared that the website operates in violation of local gambling regulations. The reason being, this platform facilitates wagers on political events, sports matches, entertainment occurrences, and economic trends, thereby classifying Polymarket as an unlawful online betting site. Moreover, they expressed worries about cryptocurrency being utilized for betting transactions, claiming that it complicates tracking activities and escalates the potential for misuse.
The CCIB underlined the significance of temporarily closing the site, ensuring citizens are safeguarded from falling prey to illicit gambling, and curbing the abuse of cryptocurrencies in criminal activities threatening both the economy and community.
The Cyber Crime Investigation Bureau
In various nations such as Taiwan, France, and Singapore, Polymarket has been prohibited. Earlier reports from crypto.news indicated that Singapore’s Remote Gambling Act of 2014 allows for online betting only with government endorsement, which leaves the betting platform ineligible.
Thai authorities have mentioned that the shutdown they’re planning is an extension of their efforts to combat cybercrime and safeguard the general public against potential hazards related to online gambling. They haven’t provided a specific date yet for when this action will take place.
Despite cracking down on cryptocurrency betting, Thailand seems to be adopting a more lenient stance towards the broader crypto market. Regulators are said to be contemplating the approval of Bitcoin exchange-traded funds for trading, in an effort to attract investors. As reported by Thailand’s SEC, there were over 270,000 active cryptocurrency trading accounts as of November 2024 – a significant increase from the 117,000 accounts in October that same year.
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2025-01-15 13:32