Polymarket is a blockchain-based prediction platform. As Singapore enforces strict gambling laws, it has officially banned the platform in the country. The ban is effective from January 12 of the current year. This follows an increasing global push to curb unlicensed online betting platforms which positions Singapore as the latest jurisdiction to block access to the controversial crypto-based marketplace.
The decision of the government of Singapore to block Polymarket is part of a broader, ongoing crackdown or unlicensed gambling. GRA or the Gambling Regulatory Authority of Singapore now identifies Polymarket as an illegal gambling site. It adds the platform to a growing list of regions that have restricted access. Other nations like United States, France, and Taiwan have already taken similar actions against Polymarket, citing its unregistered status, as well as concerns over its operation as a gambling service without appropriate licensing.
Polymarket has let users to place bets on different real-world events since its launch. This ranges from political elections to natural disasters. During events such as the US presidential elections, the platform gained significant popularity, with some users betting large sums on outcomes like the number of tweets from figures such as Elon Musk. Nonetheless, its decentralized nature, combined with the unpredictability of cryptocurrency markets, has led regulators to scrutinize the platform closely.
In Singapore, users attempting to access Polymarket now receive a warning from the GRA. The notice clearly states that betting on the platform is illegal and carries serious consequences. This includes fines up to US$10,000 six months in jail, or both. The strong stance aligns with the gambling laws of Singapore, which lets online gambling only via state-licensed platforms like Singapore Pools, the government sanctioned provider of the country. Resulting in the ban, the lack of such a license of Polymarket means it does not comply with local regulations.
