Thai authorities may shut down the prediction platform Polymarket, accusing it of violating local gambling laws and using cryptocurrency for betting.
Allegations Against Polymarket
Thailand's cyber police plan to shut down the Polymarket prediction market. Officials say the platform violates local gambling laws by allowing predictions on politics, sports, entertainment, and the economy, making Polymarket an illegal online gambling platform. They also express concerns about the use of cryptocurrency in betting, arguing it complicates tracking and increases the risk of misuse.
Authorities' Response and Public Measures
Polymarket has already been banned in countries like Taiwan, France, and Singapore. In Singapore, the Remote Gambling Act of 2014 only permits online betting with state approval. In Thailand, cyber police emphasize the importance of shutting down Polymarket to protect citizens from illegal gambling and prevent misuse of cryptocurrency in unlawful activities that could harm the economy and society. Thai officials stated that the shutdown is part of broader efforts to tackle cybercrime.
Changes in Crypto Regulation
While authorities target crypto betting, Thailand's broader approach to cryptocurrency seems to be softening. Regulators are considering approval for Bitcoin exchange-traded funds to attract investors. According to Thailand's SEC, there were 270,000 active crypto trading accounts as of November 2024, more than double the 117,000 in October.
For Thai authorities, it's important to find a balance between protecting society from illegal gambling and supporting the emerging cryptocurrency market by creating appropriate legislation.
