Singapore’s Remote Gambling Act of 2014 is basically the “no entry” sign for most online betting activities, unless you’ve got a government-approved stamp of approval. Unfortunately for Polymarket, it didn’t make the cut.
Polymarket, the decentralized prediction market platform that allows users to speculate on real-world events using cryptocurrency, can add Singapore to the list of countries where it isn’t welcome.
In Singapore, gambling activities are heavily regulated, with the government allowing only 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 Polymarket’s unregulated nature — as of Saturday, Jan. 11 — has officially gotten the boot.
Polymarket presses on
Singapore isn’t the only place with a bone to pick with Polymarket. Other countries, especially those that are serious about gambling laws or just haven’t figured out how to deal with decentralized finance (DeFi), are also throwing a legal wrench in the works.
The U.S., in particular, has been leading the charge. The Commodity Futures Trading Commission (CFTC) decided it was time for Polymarket to make some regulatory changes, and they weren’t exactly gentle about it.
Last week, the CFTC announced a settlement with the company behind Polymarket. The Commission’s new chair, Rostin Behnam, reportedly told the Senate Agriculture Committee that the CFTC is ready to be the “primary cop on the beat” when it comes to digital asset markets.
Meanwhile, countries in the EU and parts of Asia, including China, are keeping their distance, making it harder for users to access Polymarket without running into a few digital roadblocks.
The platform’s decentralized setup — built on Polygon, an Ethereum (ETH) layer-2 solution — only adds to the headache. without a central authority to take the blame, governments are struggling to put clear legal boundaries around it, especially in places with tight online gambling laws.
