- Singapore has blocked access to the blockchain-based prediction market, Polymarket, saying the site is an unlicensed online gambling website.
- It follows similar bans in the United States, France, Taiwan and other jurisdictions.
- The Polymarket bans come amid a broader crackdown on illegal online gambling platforms by the Singaporean government.
Singapore has become the latest jurisdiction to ban access to the blockchain based ‘prediction marketplace’, Polymarket, after the government decided it was, in fact, an illegal gambling website being operated by an unlicensed provider.
Singapore’s ban follows similar moves by other jurisdictions — including the United States, Taiwan and France — and marks another body blow against global crypto betting enthusiasts keen to wager on such matters as how many acres the LA fires will destroy and how many times Elon Musk will tweet in a week.
Singaporean Polymarket Users Greeted with Stern Warning
Polymarket users in Singapore first reported difficulty accessing the site on January 12, with screenshots posted to X showing that users are now being greeted with a notice from the Gambling Regulatory Authority (GRA) warning them that betting on the website is illegal and they could now face up to US$10,000 (AU$16.2k) in fines, 6 months in jail, or both.
The Singaporean government’s move to ban Polymarket comes amid a broader crackdown on unlicensed internet gambling websites. According to the nation’s Home Affairs Minister, as of December 31 last year over 3,800 illegal gambling websites had been taken offline and over US$37 million (AU$60m) in illegal transactions had been blocked.
In Singapore online gambling is only permitted through a state-owned subsidiary gambling platform called Singapore Pools — no other online gambling platforms have received a license to operate.
Related: Singapore MAS Rolls Out New Frameworks for Asset Tokenisation
Oversight Of Online Gambling Moves to Singapore Police
In a sign that regulation may be set to tighten and enforcement actions may start to ramp up, oversight of illegal online gambling platforms moved from Singapore’s gambling agency to the Singaporean Police Force on January 1 of this year.
A post was made on the GRA website informing the public of this change and encouraging people to report any illegal gambling sites they come across:
With effect from 1 January 2025, the Singapore Police Force (SPF) has taken over the functions of blocking access to unlawful remote gambling services, the advertising of such services and payment transactions.
Singapore Gambling Regulatory AuthorityIf you encounter any unlawful remote gambling websites or applications, or advertisements or promotion of remote gambling services, you may report to SPF via I-Witness.”
The post also warned that operators of illegal gambling platforms will face stiff penalties, including prison terms of up to 10 years:
Anyone who conducts unlawful gambling shall be liable on conviction to a fine of up to $500,000 and imprisonment of up to 7 years, and for repeat offenders, a fine of up to $700,000 and imprisonment of up to 10 years.
Singapore Gambling Regulatory AuthorityRelated: Australian Court Fines Kraken $8 Million for Operating Unlawful Credit Facility
Singapore Remains Global Blockchain Leader
Despite its crackdown on Polymarket, Singapore remains on the forefront of blockchain adoption. A report released by multichain liquidity protocol, apeX Protocol found that Singapore is a global leader in the number of blockchain patents issued, blockchain industry jobs and number of crypto exchanges.
Despite trailing the US by quite a margin on many of these criteria, the report gave Singapore the highest ‘composite score’ of the jurisdictions it looked at, likely due to its much smaller size compared to the US.
The Monetary Authority of Singapore has also been ramping up its support of crypto in recent years, granting 13 licenses for crypto exchanges in 2024. That’s more than double the amount issued in 2023 according to reports from local media.
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