Thailand to Shut Down Crypto-Powered Predictions Market Polymarket

Thailand’s cyber police have announced plans to shut down Polymarket, a predictions market that allegedly violates the country’s gambling laws. According to the authorities, the platform allows users to place bets on politics, sports, entertainment, and the economy using cryptocurrency, which makes it an illegal online gambling platform.

Concerns Over Crypto Use in Betting

The Cyber Crime Investigation Bureau (CCIB) raised concerns about the use of crypto in betting, stating that it makes tracking harder and increases the chances of misuse. The CCIB emphasized the importance of shutting down the website to protect citizens from becoming victims of illegal gambling and to prevent the misuse of cryptocurrency in unlawful activities that could harm the economy and society.

“The CCIB emphasized the importance of shutting down the website to protect citizens from becoming victims of illegal gambling and to prevent the misuse of cryptocurrency in unlawful activities that could harm the economy and society.”

Global Crackdown on Polymarket

Polymarket has already been banned in multiple countries, including Taiwan, France, and Singapore. The platform’s shutdown in Singapore was due to the country’s Remote Gambling Act of 2014, which only permits online betting with state approval.

Thailand’s Approach to Crypto Space

While authorities target crypto betting, Thailand’s broader approach to the crypto space appears to be softening. Regulators are reportedly considering approval for spot Bitcoin exchange-traded funds to woo investors. According to Thailand’s SEC, there were 270,000 active crypto trading accounts as of November 2024, more than double the 117,000 in October that year.

Tips for investors:

  • Stay informed about regulatory changes in the crypto space.
  • Understand the risks associated with crypto betting and online gambling.
  • Consider the potential benefits and drawbacks of investing in crypto exchange-traded funds.

Stay up-to-date with the latest news and developments in the crypto space on Global Crypto News.

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