- Singapore blocks Polymarket, citing unlicensed gambling under its strict Gambling Control Act.
- Violations include fines up to SGD 10,000, six months jail, or both.
- Polymarket runs on Polygon blockchain, allowing bets on real-world events via USDC.
In a bold move, Singapore has blocked access to Polymarket, a popular crypto-based prediction market, as part of its crackdown on unlicensed gambling platforms. On January 12, several users in Singapore reported being unable to access Polymarket.
The country’s Gambling Regulatory Authority (GRA) flagged Polymarket as an illegal gambling site. Visitors attempting to access the site are met with a strict warning citing Section 20 of the Gambling Control Act 2022. The act enforces penalties including fines of up to SGD 10,000, jail terms up to six months, or both, for using unlicensed gambling services.
Singapore’s Gambling Laws: No Room for Unlicensed Operators
The GRA, established on August 1, 2022, oversees all gambling activities in Singapore. Its creation merged the Casino Regulatory Authority into a single body designed to address evolving gambling trends and technologies.
Alex Zuo, vice president of investment and custody at Cobo Global, shared his thoughts on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”
The GRA’s warning reinforces this stance:
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”
What Is Polymarket?
Polymarket operates on the Polygon blockchain, offering users a way to bet on global events using USD Coin (USDC). While innovative, its decentralized nature runs afoul of Singapore’s strict regulations, which leave little room for unlicensed operators, even in the growing blockchain space.
Final Thoughts
Singapore’s decision to block Polymarket underscores its unwavering approach to controlling gambling. As blockchain and decentralized platforms continue to evolve, clashes with traditional regulatory systems like Singapore’s will likely become more common. For now, though, Singapore’s message is clear: gambling, whether crypto-based or not, must follow its strict licensing rules.
