#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. According to reports, Singaporean users are met with a prompt when attempting to access the Polymarket website, informing them that it is an illegal gambling site and warning them of potential fines up to S$10,000 or imprisonment of up to 6 months. The Singapore government's move is based on the Gambling Control Act 2022, which prohibits betting with unlicensed operators.
Ace Hot Topic Analysis
Analysis
The Singapore government recently blocked the prediction market platform Polymarket, citing it as a gambling website that violates the country's ** Gambling Control Act 2022 **. According to Singaporean regulations, Polymarket is considered an unlicensed gambling service provider. Users accessing the platform from within Singapore are prompted that it is an illegal gambling website and could face fines of up to $10,000 or imprisonment for up to six months. This blocking action has sparked concerns regarding Singapore's regulatory stance on cryptocurrencies and prediction markets, as well as highlighting the country's strict enforcement against unlicensed gambling activities.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore has classified Polymarket as a gambling website and blocked it.
The reason for the block is that Polymarket did not obtain a gambling license from the Singaporean authorities.
Singaporean users will receive warnings when visiting the Polymarket website, reminding them that they may face fines or imprisonment.
The blocking action is based on Singapore's Gambling Control Act 2022, which prohibits betting with unlicensed operators.