Internet users in Singapore use Blockchain-based popular prediction platform polymarketHaving difficulty accessing . According to Wu Blockchain’s post on X, Polymarket was identified as an illegal gambling site in Singapore. Users were prevented from accessing the site by the Singapore Gambling Regulatory Authority (GRA).
Considered Under Gambling Laws
Singapore Gambling Regulatory Authority In the statement made by Polymarket, it was stated that Polymarket is an unlicensed gambling service provider. Under Article 20 of the Gambling Control Act, people who gamble on an unlicensed platform may face a fine of S$10,000 or imprisonment of up to six months. Only state-owned in Singapore Singapore Poolsis authorized to provide online betting and prediction services.
The access ban once again demonstrated that gambling laws in the country are strictly enforced. However, attempts to access such platforms may have serious consequences for users. The Gambling Regulatory Authority aims to direct individuals who wish to place bets only to legal operators.
Warnings Received for Users
While Polymarket users reacted to the platform being considered under gambling laws, the Singapore government described this regulation as a necessary step to promote a responsible gaming environment.
Authorities have made available helplines and support resources for individuals at risk of addiction. National Council on Problem Gambling The helpline and online chat services provided by aim to help users deal with gambling problems.
In another post made by @alexzuo4 on X, it was stated that Polymarket’s situation is an indicator of state control over prediction and betting platforms in Singapore. The post read, “Polymarket is now classified as a gambling site in Singapore. “If you want to bet, you should only use state-supported operators, otherwise you may be penalized.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
