Singapore has taken regulatory action against Polymarket, a decentralized blockchain platform that allows users to trade on real-world outcomes, effectively banning access within its borders as part of its wider efforts to control unlicensed online gambling.
On 12 January 2025, Polymarket became officially inaccessible to users in Singapore following a directive from the Gaming Regulatory Authority (GRA). The platform is now considered illegal under local laws, with violators facing fines of up to S$10,000 (roughly $7,280 USD) and a potential jail term of six months.
Polymarket’s Operations Clash with National Regulations
Polymarket operates by allowing participants to wager on predictions about politics, sports, entertainment, and other public events using blockchain technology. However, Singapore’s strict regulatory framework recognizes Singapore Pools as the country’s sole licensed provider of online gambling, leaving no room for decentralized or unlicensed services.
Part of a Larger Regulatory Crackdown
This move mirrors enforcement actions by other nations such as the United States, France, and Taiwan. Polymarket’s own terms of service exclude access from several regions including Bolivia, Iran, and Venezuela, aligning with the growing list of jurisdictions tightening controls on blockchain-based wagering.
Singapore’s crackdown forms part of a broader campaign against illegal gambling, which by the end of 2024 had led to over 3,800 websites being blocked and more than S$37 million in illicit transactions prevented.
Regulations Continue to Evolve
This enforcement follows recent updates to Singapore’s gaming laws, including amendments to the Casino Control Act, which now permits cashless gaming at licensed resorts while still prohibiting cryptocurrency transactions. These changes reflect the city-state’s commitment to maintaining strong oversight while adapting to technological advances in gaming.
By taking firm action against platforms like Polymarket, Singapore reinforces its stance on upholding a controlled, legal gambling environment—and signals that decentralized platforms must navigate increasingly complex regulatory waters.