Internet users in Singapore are facing challenges accessing the popular blockchain-based prediction platform, Polymarket. According to Wu Blockchain’s posts on X, Polymarket has been classified as an illegal gambling site in Singapore. The Gambling Regulatory Authority (GRA) has restricted users from accessing the site.
Evaluated Under Gambling Laws
The Singapore Gambling Regulatory Authority announced that Polymarket operates as an unlicensed gambling service provider. Under Article 20 of the Gambling Control Act, individuals gambling on unlicensed platforms could face fines of up to 10,000 Singapore dollars or imprisonment for up to six months. Only the state-owned Singapore Pools has authorization to provide online betting and prediction services in Singapore.
The access block further demonstrates the stringent enforcement of gambling laws in the country. Moreover, attempts by users to access such platforms can lead to serious consequences. The Gambling Regulatory Authority aims to direct individuals seeking to gamble only to legal operators.
Warnings Issued to Users
As Polymarket users reacted to the platform’s classification under gambling laws, the Singapore government described this regulation as a necessary step to promote a responsible gaming environment. Authorities have made help lines and support resources available for individuals at risk of addiction.
The National Council on Problem Gambling provides a helpline and online chat services aimed at assisting users in coping with gambling issues. A post by user @alexzuo4 on X indicated that Polymarket’s situation reflects government control over prediction and betting platforms in Singapore, stating, “Polymarket is now classified as a gambling site in Singapore. If you wish to bet, you must only turn to state-backed operators, or you risk penalties.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
