Singapore has restricted access to Polymarket, a cryptocurrency-based prediction market. This measure is part of a larger attempt to combat unlicensed online gambling in the country.
On January 12, Singapore users reported being unable to access Polymarket. The Gaming Regulatory Authority (GRA) issued a warning to site visitors, noting that Polymarket is an unauthorized gaming service. Individuals who gamble on such platforms may face harsh penalties, including fines of up to $10,000 Singapore dollars, six months in prison, or both.
Singapore’s gaming Control Act 2022 restricts internet gaming to state-approved companies such as Singapore Pools, the country’s only licensed provider. Polymarket’s operations, which let users wager on world events with cryptocurrencies such as USDC, do not fall under these restrictions.
The crackdown underscores Singapore’s commitment to controlling the rapidly changing field of online gambling. Singapore has closed thousands of unlicensed gambling websites and stopped millions of unauthorized transactions since the beginning of the year.
Polymarket, which runs on the Polygon blockchain, has attracted global interest for its prediction markets, which include those based on important events such as the United States presidential election. However, its operations have aroused concerns in other jurisdictions, prompting similar limits in France and attention from regulatory authorities such as the United States Commodity Futures Trading Commission (CFTC).
Singapore’s actions demonstrate its commitment to maintaining strong regulation of gambling activities and protecting its citizens from unregulated platforms. As global regulatory measures tighten, platforms such as Polymarket are under increasing pressure to conform with local laws or halt business in prohibited countries.
