Users in Singapore are currently unable to access Polymarket, a well-known blockchain-based prediction platform, following its recent classification as an illegal gambling site by local authorities. Wu Blockchain has reported that the Gambling Regulatory Authority (GRA) has implemented restrictions that make it difficult for residents to engage with the platform.
Polymarket’s License Status Under Scrutiny
The GRA revealed that Polymarket operates without the necessary licenses required by Singaporean law, effectively branding it as an unlicensed gambling provider. Violations of the Gambling Control Act, particularly Article 20, could lead to fines reaching up to 10,000 Singapore dollars or imprisonment for individuals involved in gambling on such platforms. In Singapore, only the state-owned entity, Singapore Pools, is permitted to offer online betting and prediction services.
Are Warning Systems in Place for Users?
Indeed, the government has established support systems to assist those who may be affected by gambling issues. Following the designation of Polymarket as an illegal platform, authorities emphasized the importance of directing users towards legally sanctioned operators. This regulation is deemed essential for fostering a responsible gaming culture.
- Polymarket is now barred as a gambling site in Singapore.
- Only state-approved services can legally provide online betting.
- Individuals caught gambling on unlicensed platforms could face severe penalties.
- Resources and helplines are available for those struggling with gambling problems.
This move reflects Singapore’s ongoing commitment to regulating online gambling and ensuring that residents participate only in government-sanctioned activities. As scrutiny intensifies, users are cautioned about the risks associated with engaging with unlicensed platforms.
