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TLDR South Korea’s media regulator has ordered internet providers to block access to Polymarket, a US-based prediction market platform. The Korea Media and Communications Commission ruled that Polymarket’s activities fall under gambling law after consulting police and gambling oversight agencies. Regulators pointed to Polymarket’s winner-take-all payout structure and markets on topics like Seoul rainfall as reasons for the block. Polymarket argued it isn’t subject to Korean law because it uses non-custodial, blockchain-based transactions, but the commission rejected that defense. Polymarket is already blocked in dozens of countries, including several in the Asia-Pacific region, and no start date for the South Korea block has been announced.

South Korea is preparing to block domestic access to Polymarket. The move comes from the Korea Media and Communications Commission, which reviewed the platform’s activities this week.

The commission decided that Polymarket’s operations fall into categories tied to gambling. Internet service providers in South Korea will now be required to restrict access to the site.

No exact date has been given for when the block will start. Reports on the decision did not include a timeline for enforcement.

The commission made its ruling on Tuesday. It reached the decision after talking with the Korean National Police Agency, the National Gambling Control Commission, and the Korea Sports Promotion Foundation.

Regulator Cites Gambling Concerns

A subcommittee within the commission found that Polymarket’s activities included information that could help set up or support gambling. This falls under South Korea’s criminal law.

The commission also said Polymarket broke the country’s National Sports Promotion Act. Officials pointed to the platform’s winner-take-all setup, where a user’s gains or losses depend on outcomes they cannot control.

Polymarket lets people bet on outcomes in politics, economics, sports, elections, and weather. Regulators said these markets could lead to real financial swings

Continue reading...

This post was originally published on this site

TLDR South Korea’s media regulator has ordered internet providers to block access to Polymarket, a US-based prediction market platform. The Korea Media and Communications Commission ruled that Polymarket’s activities fall under gambling law after consulting police and gambling oversight agencies. Regulators pointed to Polymarket’s winner-take-all payout structure and markets on topics like Seoul rainfall as reasons for the block. Polymarket argued it isn’t subject to Korean law because it uses non-custodial, blockchain-based transactions, but the commission rejected that defense. Polymarket is already blocked in dozens of countries, including several in the Asia-Pacific region, and no start date for the South Korea block has been announced.

South Korea is preparing to block domestic access to Polymarket. The move comes from the Korea Media and Communications Commission, which reviewed the platform’s activities this week.

The commission decided that Polymarket’s operations fall into categories tied to gambling. Internet service providers in South Korea will now be required to restrict access to the site.

No exact date has been given for when the block will start. Reports on the decision did not include a timeline for enforcement.

The commission made its ruling on Tuesday. It reached the decision after talking with the Korean National Police Agency, the National Gambling Control Commission, and the Korea Sports Promotion Foundation.

Regulator Cites Gambling Concerns

A subcommittee within the commission found that Polymarket’s activities included information that could help set up or support gambling. This falls under South Korea’s criminal law.

The commission also said Polymarket broke the country’s National Sports Promotion Act. Officials pointed to the platform’s winner-take-all setup, where a user’s gains or losses depend on outcomes they cannot control.

Polymarket lets people bet on outcomes in politics, economics, sports, elections, and weather. Regulators said these markets could lead to real financial swings

Continue reading...