Look up anything

Look up anything

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

back to top

Singapore Blocks Polymarket Beneath Playing Management Act 2022

Related Article

As of Might 7, 2025, three fiat currencies—the Swiss franc (CHF), Japanese yen (JPY),...
Bitcoin price began a gradual improve and cleared the $92,000 resistance. BTC is now...
21Shares filed a Type S-1 with the U.S. Securities and Change Fee (SEC) on...
NOIDA (CoinChapter.com) — Bonk (BONK) price has surged sharply in late April 2025, using...
Sui (SUI) is heading right into a essential week. 74 million tokens, valued at...
 NOIDA (CoinChapter.com) — Monero (XMR) price continued its sharp upward trajectory this week, extending...

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.

Polymarket Entry Blocked. Supply: Alex Zuo

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.

Unlawful Remote Gambling Laws. Source: Gambling Regulatory Authority
Illegal Distant Playing Legal guidelines. Supply: Playing Regulatory Authority

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.

Blocked Gambling Transactions Data. Source: Gambling Regulatory Authority
Blocked Playing Transactions Information. Supply: Playing Regulatory Authority

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.

CFTC Fines Polymarket $1.4M. Source: Commodity Futures Trading Commission
CFTC Fines Polymarket $1.4M. Supply: Commodity Futures Trading Fee

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.

 

Related Article

As of Might 7, 2025, three fiat currencies—the Swiss franc (CHF), Japanese yen (JPY),...
Bitcoin price began a gradual improve and cleared the $92,000 resistance. BTC is now...
21Shares filed a Type S-1 with the U.S. Securities and Change Fee (SEC) on...
NOIDA (CoinChapter.com) — Bonk (BONK) price has surged sharply in late April 2025, using...
Sui (SUI) is heading right into a essential week. 74 million tokens, valued at...
 NOIDA (CoinChapter.com) — Monero (XMR) price continued its sharp upward trajectory this week, extending...