Polymarket is banned from Singapore due to new betting law

by Stephen Douglas
0 comments
Polymarket is banned from Singapore due to new betting law
Follow Us

Follow Us @

Polymarket is banned from Singapore due to new betting law
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.

The government of Singapore took strict action against Polymarketa blockchain-based platform that allows users to place bets on global events. The decision is part of the application of the Betting Control Act 2022which seeks to combat unlicensed gambling services in the country.

Since the day January 12, 2025users trying to access Polymarket in Singapore are met with official notices that cite current legislation. The new law provides fines of up to SGD 10,000 (about R$45 thousand) and prison sentences of up to six months for anyone caught using or promoting illegal betting platforms.

THE Polymarketoperating on the blockchain Polygonuses stablecoin USD Coin (USDC) as currency for betting. However, local authorities classified the service as illegalarguing that only the Singapore Pools — state-owned company — is permitted to offer regulated betting in the country.

Since the creation of Betting Regulatory Authority (GRA)in 2022, Singapore has stepped up enforcement against unauthorized gambling activities. In January 2025, the Singapore Police Force assumed responsibility for applying the sanctions provided for in the legislation.

Polymarket and the tightening of supervision

Authorities have also blocked thousands of betting sites in recent years, preventing transactions that amount to SGD 37 million (approximately R$165 million) since 2015. Repeat offenders face fines of up to R$3.1 million) and prison sentences of up to 10 years.

Despite its strict stance against illegal gambling, Singapore remains a global leader in blockchain innovation. A 2024 report highlighted the staggering number of 1,600 blockchain patents registered in the countryin addition to 2,400 jobs in the sector and 81 cryptocurrency exchanges operating locally.

Furthermore, the Monetary Authority of Singapore (MAS) doubled the number of digital licenses granted to cryptocurrency exchanges in 2024, approving 13 new applications.

The blockade of Polymarket reflects Singapore’s commitment to controlling the betting market while maintaining a safe environment for digital innovations.

Polymarket is banned from Singapore due to new betting law

Follow TODAYSGIST on Google News  and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!

Polymarket is banned from Singapore due to new betting law

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Polymarket is banned from Singapore due to new betting law

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

Polymarket is banned from Singapore due to new betting law

#Polymarket #banned #Singapore #due #betting #law

You may also like

Leave a Comment