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Singapore has taken a significant step in regulating the cryptocurrency space by banning Polymarket, a prominent crypto-based prediction platform. The move comes after the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, cited several reasons for the ban.
According to sources, Polymarket was operating without obtaining the necessary licenses required under Singapore’s Payment Services Act. This lack of compliance has led to the authorities taking decisive action against the platform. The implications of this ban are significant, as it will severely impact Polymarket’s operations in Asia, which is a crucial market for the company.
Singapore has historically been a hub for blockchain and cryptocurrency innovation, attracting startups and investors worldwide. However, with this ban, Polymarket will be forced to re-evaluate its strategy and explore alternative markets or risk losing access to a significant portion of its user base.
Source: coinpedia.org
