Indonesia blocks Polymarket, calling prediction market online gambling in disguise
Authorities stated that using crypto or blockchain doesn't change platforms that let users wager on uncertain outcomes from being gambling products....
Key takeaways
- 1Indonesia blocked Polymarket, classifying crypto prediction markets as illegal online gambling under local law.
- 2India, Singapore, Brazil, Taiwan, Thailand, China, and Japan have also restricted or blocked Polymarket and similar platforms.
- 3Regulators stated that using blockchain or crypto assets does not change prediction markets from being gambling products.
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Why it matters
This regulatory crackdown across Asia, including India, signals that prediction market platforms face significant legal barriers in major markets. Indian retail investors should be aware that platforms like Polymarket are prohibited, and participation may violate local gambling laws with potential financial and legal consequences.
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