As part of its ongoing efforts to regulate online gambling activities, Singapore has joined the growing list of countries restricting access to the blockchain-based prediction trading platform Polymarket.
The Singapore Gambling Regulatory Authority (GRA) has declared the platform illegal, and violations will result in fines of up to 10,000 Singapore dollars (US$7,280) and six months of imprisonment.
Polymarket allows users to trade on the outcomes of real-world events such as politics and sports, but as of January 12, 2025, the platform will no longer be accessible to users in Singapore.
It is noteworthy that Singapore's restrictions on Polymarket are in line with similar actions taken by other jurisdictions such as the United States, France, and Taiwan; the platform's terms of service also exclude users from several countries including Bolivia, Venezuela, and Iran.
The restrictions are in accordance with Singapore's strict gambling regulations, which recognize the Singapore gambling companies as the only authorized online gambling providers in the country.
Previously, Singapore conducted an extensive crackdown on unlicensed online gambling services, blocking over 3,800 websites and preventing transactions worth 37 million Singapore dollars by the end of 2024.
This enforcement action also aligns with Singapore's recent modernization of its gambling regulations, including amendments to the Casino Control Act, which allow cashless gambling at its integrated resorts (excluding cryptocurrency transactions).
