Singapore Blocks Polymarket in Crackdown on Unauthorized Gambling Platforms

Singapore has blocked access to Polymarket, a blockchain-based prediction platform, as part of its crackdown on unauthorized gambling services.

On January 12, users attempting to access Polymarket from Singapore were met with warnings referencing the Gambling Control Act 2022, which penalizes unlicensed gambling with fines up to SGD 10,000, jail time of up to six months, or both.

Polymarket operates on the Polygon blockchain and allows users to place wagers on global events using USD Coin (USDC). Singapore’s Gambling Regulatory Authority (GRA), created in 2022 to oversee evolving gambling services, labeled the platform illegal, asserting that only Singapore Pools is authorized to provide such services.

As of January 1, the Singapore Police Force took over enforcement against illegal gambling activities, reinforcing the country’s hardline stance. Authorities have blocked thousands of gambling websites and transactions totaling SGD 37 million since 2015. Repeat offenders face harsher penalties, including fines up to SGD 700,000 and imprisonment for up to 10 years.

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While Singapore strictly regulates gambling, it remains a leader in blockchain innovation. A 2024 report highlighted Singapore’s 1,600 blockchain patents, over 2,400 jobs in the sector, and 81 cryptocurrency exchanges. The Monetary Authority of Singapore doubled its digital asset licenses in 2024, issuing 13 approvals for crypto exchanges.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.