Singapore has restricted access to Polymarket, a cryptocurrency-based prediction market platform, as part of its ongoing efforts to regulate gambling activities under the Gambling Control Act 2022.
On January 12, several Singaporean users reported being unable to access Polymarket. The Gambling Regulatory Authority (GRA) classified the platform as an illegal gambling site due to its unlicensed operations.
The Gambling Control Act and Its Implications
The Gambling Control Act 2022 prohibits betting with unlicensed operators and enforces strict penalties for violations. Visitors attempting to access Polymarket in Singapore are greeted with a warning that cites Section 20 of the Act. The warning notes potential penalties, including fines of up to 10,000 Singapore dollars, imprisonment for up to six months, or both.
According to the GRA’s notice:
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”
Polymarket and Blockchain Technology
Polymarket operates on the Polygon blockchain and allows users to wager on world events using the stablecoin USD Coin (USDC). Despite its innovative use of blockchain technology, the platform’s operation in Singapore was deemed non-compliant with local gambling regulations.
Stricter Enforcement Measures
Since January 1, 2024, enforcement responsibilities for illegal gambling have shifted from the GRA to the Singapore Police Force. The GRA has emphasized its commitment to tackling unlawful gambling through penalties that can include fines up to $500,000 and prison terms of up to seven years for first-time offenders. Repeat offenders face even harsher penalties, with fines reaching $700,000 and imprisonment of up to 10 years.
The crackdown reflects Singapore’s broader efforts to maintain strict regulatory oversight. Since 2015, the GRA has blocked over 3,800 gambling websites and intercepted 145,000 transactions worth approximately SG$37 million ($27 million).
Singapore’s Role in Blockchain and Cryptocurrency
Despite its strict stance on unregulated gambling, Singapore has emerged as a leader in blockchain and cryptocurrency innovation. A December 2023 study by ApeX Protocol highlighted Singapore’s achievements in the industry, including:
- 1,600 blockchain-related patents.
- 2,433 jobs tied to blockchain and cryptocurrency.
- 81 cryptocurrency exchanges operating in the country.
Hong Kong ranked second in the study, with 890 patents, 1,163 jobs, and 52 exchanges.
In 2024, Singapore doubled its issuance of digital asset licenses, with the Monetary Authority of Singapore granting 13 major payment institution licenses for cryptocurrency exchanges, more than twice the number issued in 2023.
