Singapore Blocks Access to Polymarket Prediction Market Amidst Efforts to Crack Down on Unlicensed Gambling Activities

Singapore has taken a significant step in enforcing its strict gambling laws by blocking access to Polymarket, a blockchain-based prediction market. The platform, which operates on the Polygon blockchain and uses USD Coin (USDC), has been inaccessible to users in Singapore since January 12.

This development comes as part of Singapore’s efforts to crack down on unlicensed gambling activities under the Gambling Control Act 2022. It is worth noting that Singapore has a reputation for being strict when it comes to gambling, having blocked over 3,800 gambling websites and stopped 145,000 transactions worth SG$37 million ($27 million) since 2015.

The move against Polymarket highlights the government’s commitment to upholding its laws. Despite being unable to access the platform from Singapore, Polymarket continues to attract global users, with a trading volume of $431 million by early 2025 and an active market that has generated over $15 million in wagers on the Super Bowl Championship 2025.

It is also noteworthy that Singapore remains a leader in blockchain and cryptocurrency development, despite restrictions on gambling activities. In fact, a recent study highlighted the country’s position, showcasing over 1,600 blockchain patents, 81 cryptocurrency exchanges, and 2,433 related jobs.

While this news may be a significant setback for Polymarket users in Singapore, it is crucial that authorities continue to enforce laws aimed at protecting citizens from unlicensed gambling activities.

Source: coinchapter.com