Singapore has officially shut its doors to Polymarket, the decentralized prediction market platform that lets users bet on real-world events using cryptocurrency.
Singapore's Gambling Legislation
Under Singapore’s Remote Gambling Act of 2014, online gambling platforms must obtain government approval to operate legally. Polymarket, however, failed to make the cut. Singapore’s gambling laws are among the toughest globally. The government allows only specific betting activities, like state-supervised lotteries and sports betting, leaving little room for unregulated platforms. As of January 11, Polymarket joins the list of online services blocked for failing to meet compliance standards.
Polymarket's Regulation in the US
This isn’t the first time Polymarket has faced regulatory pushback. In the U.S., the Commodity Futures Trading Commission (CFTC) recently settled with the company, signaling a broader crackdown on decentralized finance (DeFi) platforms operating in gray legal areas. CFTC Chair Rostin Behnam emphasized their commitment to policing digital asset markets, making it clear that unregulated platforms like Polymarket are in their sights.
International Pressure on Polymarket
Globally, countries in the EU and Asia, including China, are also keeping Polymarket at arm’s length. These regions’ strict laws on online gambling and cryptocurrency make it challenging for platforms without central oversight to operate. Built on Polygon, an Ethereum layer-2 solution, Polymarket’s decentralized nature complicates enforcement efforts. Without a central authority to regulate, governments struggle to define legal boundaries, especially in jurisdictions with tight online gambling restrictions.
For now, Polymarket’s global expansion faces significant roadblocks, with more countries tightening their grip on unregulated DeFi platforms.
