Singapore and Thailand Move to Ban Polymarket

Singapore and Thailand have announced moves to block the prediction markets platform Polymarket, citing concerns over illegal gambling practices tied to cryptocurrency. Singapore's Gambling Regulatory Authority determined that Polymarket was providing unlawful gambling services, leading to access restrictions in December. Following suit, Thailand's cyber police are preparing to propose a ban, asserting that the platform violates local gambling laws by allowing bets on a wide range of events using cryptocurrency. This crackdown is part of a broader global trend, as other countries, including Taiwan and France, have also targeted the platform due to its unregulated nature. Authorities argue that such platforms pose significant risks to the economy and society by facilitating illegal gambling and misuse of digital assets. While no specific timeline for the ban in Thailand has been announced, officials emphasize the need to protect citizens from potential gambling-related harms.