Singapore blocks Polymarket under local gambling laws, reinforcing its stance on unlicensed platforms that promote risky behaviours.
Singapore has blocked access to crypto predictions platform, Polymarket, as part of its efforts to curb unlicensed gambling activities. The move comes under the Gambling Control Act 2022, which prohibits gambling with unlicensed operators, imposing fines of up to $10,000, jail terms of six months, or both.
Singaporean users attempting to access the platform now receive a warning stating that Singapore Pools is the only licensed online operator in the country. Polymarket, which operates on the Polygon blockchain, allows users to bet on world events using USD Coin (USDC).
The Gambling Regulatory Authority (GRA), established in 2022, oversees all related activities in Singapore and has been working to address the evolving landscape of gambling services. Since 2015, the GRA has blocked over 3,800 websites and transactions worth SGD$37 million
Despite these restrictions, Singapore remains a global leader in the blockchain and cryptocurrency sector. The country has over 1,600 blockchain patents, 2,433 industry-related jobs, and a handful of approved crypto exchanges, according to a study by ApeX Protocol. In 2024, the Monetary Authority of Singapore doubled its issuance of digital asset licenses as well.
