Polymarket has revealed plans to secure regulatory approval for its prediction market platform to launch in Japan by 2030.In an effort to expand its prediction market...
South Korea launches investigation into Polymarket
The authorities in South Korea have launched an investigation into Polymarket to decide whether the platform’s product is classified as illegal gambling under the country’s laws.
Korea’s Communications Standards Commission is responsible for conducting the review and will focus on identifying how Polymarket is structured and how it targets local users. Additionally, the investigation was first launched after a complaint about the platform’s activities.
For authorities, one of the main points considered as evidence is the fact that Polymarket offers Korean-language support, which can mean that the platform isn’t just passively accessible in the market but is intentionally making steps to expand and reach local players.
South Korea is also known for strict enforcement action against any form of online gambling, especially when there are violations of consumer protections or concerns of underage access.
On the other hand, Polymarket stresses that the platform allows users to trade with each other instead of betting against the house like in traditional betting platforms, arguing that this model is structured as a financial instrument that’s tied to future outcomes.
South Korea is now in the assessment process, which includes reviewing foreign legal developments in order to decide whether Polymarket’s activities are in violation of local laws.
The government of India has introduced new restrictive measures against prediction markets by blocking local users’ access to Polymarket’s website.The decision to impose...
