YEREVAN (CoinChapter.com) — Singapore has blocked entry to Polymarket, a blockchain-based prediction market, beneath the Playing Management Act 2022. On Jan․ 12, customers in Singapore reported being unable to succeed in the platform.
Guests to the Polymarket web site from Singapore have been met with a warning. The discover references Part 20 of the Playing Management Act 2022 and states,
“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.”
Penalties for utilizing unlicensed platforms embrace fines up to 10,000 Singapore {dollars}, imprisonment of up to 6 months, or each.
Position of the Playing Regulatory Authority (GRA)
The Playing Regulatory Authority (GRA) oversees all playing operations in Singapore. Established on Aug․ 1, 2022, the GRA changed the On line casino Regulatory Authority to handle evolving playing services.
As of Jan․ 1, the Singapore Police Power has taken over the enforcement of legal guidelines associated to unlawful playing. In line with the GRA, “Singapore Pools (Private) Limited is the only operator licensed by the GRA to provide remote gambling services.” Violations can result in fines of up to $500,000 and jail phrases of up to seven years, with repeat offenders going through fines of $700,000 and up to 10 years in jail.
Since 2015, Singapore has blocked over 3,800 playing web sites and stopped 145,000 transactions price SG$37 million ($27 million). These measures goal to curb unlicensed playing exercise.
Polymarket’s Blockchain Mannequin and Authorized Hurdles
Polymarket operates on the Polygon blockchain, providing customers the flexibility to guess on world occasions utilizing USD Coin (USDC). Regardless of its performance, the platform has confronted important authorized challenges.
On Jan․ 8, Coinbase notified customers a couple of subpoena from the Commodity Futures Trading Fee (CFTC) regarding Polymarket. The subpoena would possibly require Coinbase to share person account information except authorized motion blocks the request by Jan․ 15.
In 2022, Polymarket paid a $1.4 million advantageous to settle costs from the CFTC for working an unregistered derivatives buying and selling platform. This settlement led to Polymarket ceasing operations for U.S. clients. In November 2024, the platform blocked French customers because of investigations into its compliance with playing legal guidelines.
Singapore’s Blockchain Management Amid Playing Crackdowns
Notably, whereas implementing strict playing legal guidelines, Singapore stays a world chief in blockchain and cryptocurrency improvement. A December 2024 examine by ApeX Protocol highlighted Singapore’s place, noting over 1,600 blockchain patents, 81 cryptocurrency exchanges, and a pair of,433 associated jobs.
Regardless of restrictions, Polymarket continues to draw world customers. By early 2025, the platform recorded $431 million in buying and selling quantity. Its most lively market, Tremendous Bowl Championship 2025, has generated over $15 million in wagers, in response to Dune Analytics.