Singapore has blocked entry to Polymarket, a blockchain-based prediction platform, as a part of its crackdown on unauthorized playing companies.
On January 12, customers trying to entry Polymarket from Singapore have been met with warnings referencing the Playing Management Act 2022, which penalizes unlicensed playing with fines as much as SGD 10,000, jail time of as much as six months, or each.
Polymarket operates on the Polygon blockchain and permits customers to put wagers on international occasions utilizing USD Coin (USDC). Singapore’s Playing Regulatory Authority (GRA), created in 2022 to supervise evolving playing companies, labeled the platform unlawful, asserting that solely Singapore Swimming pools is allowed to offer such companies.
As of January 1, the Singapore Police Power took over enforcement towards unlawful playing actions, reinforcing the nation’s hardline stance. Authorities have blocked 1000’s of playing web sites and transactions totaling SGD 37 million since 2015. Repeat offenders face harsher penalties, together with fines as much as SGD 700,000 and imprisonment for as much as 10 years.
Whereas Singapore strictly regulates playing, it stays a pacesetter in blockchain innovation. A 2024 report highlighted Singapore’s 1,600 blockchain patents, over 2,400 jobs within the sector, and 81 cryptocurrency exchanges. The Financial Authority of Singapore doubled its digital asset licenses in 2024, issuing 13 approvals for crypto exchanges.
