#Singapore locks down Polymarket market#

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Overview

Singapore authorities have blocked prediction market platform Polymarket over concerns about unlicensed gambling. Singapore users claim that Polymarket has been blocked citing the Gambling Control Act 2022, which prohibits wagering with unlicensed operators. This blocking action is part of a nationwide crackdown on online gambling websites in Singapore.

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Analysis

Singapore authorities have blocked the prediction market platform Polymarket, alleging that it violated the country's Gambling Control Act 2022. The Act prohibits wagering with unlicensed operators, and Polymarket does not possess a gambling license in Singapore. Singaporean users have reported being unable to access the Polymarket website, and it is believed to be part of the country's crackdown on online gambling. In recent years, the Singaporean government has been strengthening its regulations on online gambling and taking measures to prevent unauthorized gambling websites from operating. Polymarket allows users to make predictions on various events and trade based on the outcome of those predictions, which the Singapore authorities view as a form of gambling. This blocking incident once again highlights the global challenges of regulating cryptocurrencies and decentralized finance, as governments around the world grapple with developing legal frameworks to balance innovation and risk control.

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