💩 Regulators across multiple countries intensify restrictions against Polymarket, signaling a growing global trend

💩 Regulators across multiple countries intensify restrictions against Polymarket, signaling a growing global trend

We recently discussed Brazil🇧🇷, and now attention has shifted to Spain🇪🇸 and Indonesia🇮🇩. Despite major differences in culture and regulatory frameworks, the concerns raised by authorities in both countries are strikingly similar.

➡️ Previously, Polymarket had already been blocked in several European jurisdictions, including France🇫🇷, Germany🇩🇪, Belgium🇧🇪, Portugal🇵🇹, Switzerland🇨🇭, Romania🇷🇴, the Netherlands🇳🇱, and Poland🇵🇱.

➡️ In Spain, the Directorate General for the Regulation of Gambling (DGOJ) classified prediction markets as a form of gambling, arguing that they involve “betting on uncertain future outcomes” without the required local license.

➡️ The regulator also highlighted several consumer protection shortcomings, including inadequate identity verification systems, insufficient controls preventing access by minors and self-excluded individuals, and weak supervisory standards.

➡️ The DGOJ ordered the blocking of both Polymarket and Kalshi.

➡️ Once the sanctions take full effect within 3 to 4 months, operators will be able to apply for the appropriate license, challenge their classification through the courts, or adjust their service offerings.

➡️➡️ What happened in Indonesia🇮🇩❓ Authorities classified Polymarket as an online casino. Unlike Europe, however, all forms of gambling are prohibited in Indonesia.

➡️➡️➡️ A contrasting trend: while some jurisdictions are tightening restrictions, others are moving toward regulation. This year, Gibraltar🇬🇮 granted a license to its first prediction market operator, while Malta🇲🇹 began developing a dedicated regulatory framework for this segment.

#news #Europe #Asia #predictions

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