Proposal to Ban Polymarket
Thailand’s cybercrime authorities have proposed banning Polymarket, a decentralized prediction marketplace, citing its potential classification as illegal online gambling under Thai law. Officials argue that such platforms facilitate cryptocurrency-based betting on global events, posing economic and social risks.Global Crackdown on Polymarket
Thailand joins other countries in restricting Polymarket. Singapore recently blocked access, declaring it an illegal gambling site. Taiwan prosecuted a user who placed $530 in bets, and Polymarket has also faced scrutiny in the U.S. and France. In 2022, the platform settled with the CFTC for $1.4 million and agreed to block U.S. users.Implications for Crypto Regulation
The proposed ban highlights the increasing regulatory focus on decentralized platforms. Authorities globally are raising concerns about the risks associated with cryptocurrency-based gambling and the need for stronger consumer protections.
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