Polymarket Faces Ban in Thailand After Crackdown By Singapore

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As a researcher, I’m considering the potential implications of Thailand’s contemplation to ban Polymarket, a decentralized prediction marketplace. This platform facilitates bets based on cryptocurrencies, categorized by cyber law enforcement as illegal gambling sites. Furthermore, it has been deemed a problematic platform due to its unregulated status, causing significant economic and societal harm.

Following Singapore’s recent limitations on Polymarket, the U.S., Taiwan, and France have also stepped in to regulate this platform. With worldwide attention now focused on it, Polymarket is gradually expanding its influence globally.

Thailand’s Statement on Polymarket Ban

On January 15th, Thailand’s cybercrime investigation bureau revealed intentions to prohibit the operation of Polymarket. This decision stems from concerns over the platform’s use of cryptocurrencies for wagers on a wide range of global events. Officials argue that this activity could be considered as illegal online gambling under Thai legislation due to the lack of regulatory oversight on such platforms dealing with cryptocurrencies. The ban was announced through their official website, emphasizing the potential risks associated with unregulated cryptocurrency-based operations.

Thai authorities have emphasized their mission to suppress illegal gambling and prohibit unauthorized cryptocurrency usage. To shield people from financial losses in over-the-counter markets other than prediction markets, they believe a ban on these platforms is necessary. Officials stated this justification for the proposed ban. At present, Thailand’s authorities are expected to outlaw the platform, though no definite timeline has been established for the execution of the ban. This action underscores the increasing efforts to tighten regulations on prediction markets.

Through this move, Thailand endeavors to empathize with other nations dealing with the repercussions of cryptocurrency gambling, as their government works towards regulating the overuse of digital assets in betting, particularly in markets specializing in such activities.

Singapore and Other Nations Tighten Regulations on Prediction Platform

Singapore prohibited usage of Polymarket starting January 12, as part of an effort to curb unauthorized online gambling. The Gaming Regulatory Authority (GRA) made it clear that those found breaking the ban could be penalized with a fine up to $10,000, jailed for six months, or both.

It appears that Polymarket is facing more legal challenges. In the U.S., France, and Taiwan, authorities have declared the platform as illegal and forbidden its usage. A user in Taiwan was even prosecuted for placing a $530 wager on the platform, signaling a firm enforcement strategy. Furthermore, the terms of service restrict access from countries such as Venezuela, Iran, and Bolivia.

Moreover, compounding its difficulties, it’s said that the U.S. Commodity Futures Trading Commission (CFTC) served a subpoena on Coinbase, demanding data related to the Polymarket case. This action underscores a collaborative global initiative to govern decentralized platforms that facilitate unlicensed activities.

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2025-01-15 15:41