Singapore's Remote Gambling Act 2014 is essentially a 'no entry' sign for most online betting activities, unless they have a government-approved stamp of approval. Unfortunately for Polymarket, it did not make the cut.
Polymarket, a decentralized prediction market platform that allows users to speculate on real-world events using cryptocurrencies, could add Singapore to the list of countries it is not welcome.
In Singapore, gambling activities are highly regulated, with the government only allowing certain forms of betting, such as lotteries and sports betting, under the supervision of state-run entities.
The country's strict gambling laws prohibit unauthorized online gambling platforms, and the unregulated nature of Polymarket has - as of Saturday 11 January - been officially kicked out.
Polymarket presses on
Singapore is not the only place you can choose from with Polymarket. Other countries, especially those that are serious about gambling laws or haven't figured out how to approach decentralized finance (DeFi), are also throwing a legal wrench into the works.
The United States, in particular, has been leading this mission. The Commodity Futures Trading Commission (CFTC) decided it was time for Polymarket to make some regulatory changes, and it wasn't exactly kind about it.
Last week, the Commodity Futures Trading Commission Announce Settle with the company behind Polymarket. The new committee chairman is reportedly Rustin Behnam He said The CFTC is poised to be the “policeman on the beat” when it comes to digital asset markets, the Senate Agriculture Committee said.
Meanwhile, European Union countries and parts of Asia, including China, are keeping their distance, making it difficult for users to access Polymarket without encountering some digital barriers.
Decentralized setup of the platform - Built on Polygon, which is Ethereum (Ethereum) Second layer solution - just adds to the headache. Without a central authority to take the blame, governments struggle to put clear legal boundaries around it, especially in places with strict online gambling laws.
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