Polymarket is one of the crypto platforms that’s currently gaining a lot of attention. Its popularity skyrocketed during the presidential elections at the end of 2024 in the United States, but it’s facing some regulatory scrutiny in certain countries due to its use.
Polymarket, une plateforme qui gagne en activité au sein de l’industrie crypto
Established in 2020 by Shayne Coplan, Polymarket is a platform specialized in prediction markets. Essentially, users bet on global events by purchasing contracts and earning money based on the percentage of probability associated with the specific wager. However, if the event does not occur as expected, the entire stake is lost.
According to the data on Dune, it appears that Polymarket is experiencing a significant upward trend, with daily interactions involving multiple contracts skyrocketing, going from 1,200 portfolios in May 2024 to over 60,000 portfolios. This suggests an internal industry-wide democratization of the tool, although it is not yet sufficient to achieve total democratization.
As an analyst, I’d like to point out that volumes significantly surged from October onwards, in the context of speculations surrounding the U.S. presidential elections. The volume appears to have declined since December, but nonetheless, the damage has already been done. Polymarket has caught the attention of regulators.
Une plateforme confrontée dans le passé à des difficultés
During the U.S. presidential campaign, the National Authority for Games (ANJ) delved deeper into examining whether the platform complies with French law.
As a site, it is mandatory for the operator concerned to acquire an approval issued by ANJ, which arises from compliance and adherence to the locally applicable regulations.
It didn’t take long for the ANJ to intervene, announcing on November 29th the implementation of a geoblocking measure on French territory, as it was necessary due to:
The action taken (…) was determined not because the financial operations performed on it were conducted using cryptocurrencies, but due to the broader circumstance that gambling offers, under French law, could be considered unauthorized games of chance and money, given their nature.
Polymarket, bloqué à Singapour pour violation du Gambling Control Act
However, the key point to remember at this juncture is that Polymarket is currently facing new challenges, specifically in Singapore. Indeed, warning notices are being displayed upon accessing the site, issued by the Gambling Regulatory Authority.
Ici, la GRA affirme que
According to Section 20 of the Gambling Control Act of 2022, a service provider found guilty of operating unlicensed gambling may face a fine of up to $10,000, imprisonment for up to six months, or both.
The predictive market restriction set by Polymarket seems to conflict with its reputation as a hub of innovation within the cryptocurrency industry. However, regarding this platform, the purpose of the GRA is to regulate the dissemination of decentralized or non-decentralized games, so that the government can maintain its near monopoly on providing such services, much like it did in France.
From my perspective as a crypto investor, it’s clear that there’s a balance to strike between promoting innovation and establishing a sufficiently stringent legal framework for effective control of illegal activities. This balance is crucial in our field.
In the initial part of the article, Polymarket maintains an upward momentum despite a drop in volumes. This trend is likely to exacerbate the challenges that the platform will face, and it’s just a matter of time before regulatory bodies from other countries also take action to curb the growth of predictive markets. For now, this service remains accessible in most countries, for instance, by using a non-custodial crypto portfolio such as Best Wallet. This has been popular recently and is expected to grow, making it a secure way to access DeFi.
Sur le même sujet :
- Selon cet expert de la finance, 2025 sera l’année des ETF crypto
- Meta, le prochain géant américain qui ajoutera du bitcoin à sa trésorerie
- Les investisseurs achètent le dip de $SLAP, le projet s’apprête à dévoiler les vainqueurs d’une récompense de 100 000 dollars
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- FIS PREDICTION. FIS cryptocurrency
- POWR PREDICTION. POWR cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- EUR VND PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- YNE PREDICTION. YNE cryptocurrency
2025-01-14 13:45