#Singapore Locks Down Polymarket#
Hot Topic Overview
Overview
The Singapore government has classified the prediction market platform Polymarket as a gambling website and blocked it. Singaporean users visiting the Polymarket website receive a prompt stating that the site is an illegal gambling website and warning users of potential fines of up to $10,000 or six months of imprisonment. The government reportedly blocked Polymarket under the Gambling Control Act 2022, which prohibits betting with unlicensed operators.
Ace Hot Topic Analysis
Analysis
The Singapore government has designated Polymarket as a gambling website and blocked it, citing the platform's lack of a gambling license from Singaporean authorities. Under Singapore's ** Gambling Control Act 2022 **, it is illegal to place bets with unlicensed operators, with offenders facing a maximum fine of S$10,000 or up to 6 months imprisonment. Currently, Singaporean users are unable to access the Polymarket website, receiving a prompt upon logging in informing them that it is an illegal gambling website. This incident reflects the Singaporean government's strict regulation of unlicensed gambling, as well as its cautious approach to regulating the cryptocurrency space.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore
has
defined
Polymarket
as
a
gambling
website
and
blocked
it
Singapore
blocked
Polymarket
because
of
concerns
about
unlicensed
gambling
Singapore
users
are
prompted
when
logging
into
the
Polymarket
website
that
the
website
is
an
illegal
gambling
website
Singapore
users
may
be
fined
up
to
10
thousand
dollars
or
imprisoned
for
up
to
6
months
for
using
Polymarket