Singapore's Remote Gambling Act of 2014 is basically the “no entry” sign for most online betting activities, unless you have a government approved stamp of approval. Unfortunately for Polymarket, it didn't make the cut.
Polymarket, the decentralized prediction market platform that allows users to speculate on real-world events using cryptocurrency, may add Singapore to the list of countries where it is not welcome.
In Singapore, gambling activities are highly regulated, with the government only allowing forms of betting, such as lotteries and sports betting, under the supervision of state agencies.
The country's strict gambling laws prohibit unlicensed online gambling platforms, and the unregulated nature of Polymarket has – on Saturday, January 11 – officially got the boot.
Polymarket pushes forward
Singapore isn't the only place with a bone to choose from with Polymarket. Other countries, especially those that are serious about gambling laws or simply haven't figured out how to deal with decentralized finance (DeFi), are also throwing a legal position in the works.
The US, in particular, has been leading the charge. The Commodity Futures Trading Commission (CFTC) decided it was time for Polymarket to make some regulatory changes, and they weren't exactly calm about it.
Last week, the CFTC name arrangement with the company behind Polymarket. According to reports, said the new chairman of the Commission, Rostin Behnam told Senate Agriculture Committee that the CFTC is ready to be the “chief cop on the beat” when it comes to digital asset markets.
Meanwhile, countries in the EU and parts of Asia, including China, are keeping their distance, making it harder for users to access Polymarket without running into several digital roadblocks .
The decentralized nature of the platform – built on Polygon, the Ethereum (ETH) layer-2 solution – just adds to the headache. without a central authority to take the blame, governments struggle to put clear legal boundaries around it, especially in places with strict online gambling laws.
