The Korea Media and Communications Standards Commission has ordered domestic internet service providers to block access to Polymarket, an overseas prediction market platform, after determining that the service promotes gambling.
The commission’s telecommunications review subcommittee made the decision at a meeting Tuesday, concluding that Polymarket contains information intended to facilitate gambling or establish a place for gambling under the Criminal Act. It also found that the platform provides information intended to facilitate activities similar to sports betting under the National Sports Promotion Act.
The regulator said Polymarket’s winner-take-all structure encourages gambling behavior because users can face sharply divergent financial gains or losses depending on outcomes beyond their control.
2. How is this related to the sub
(1) Financial regulation: Is polymarket a gambling den ?
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1. Summary
The Korea Media and Communications Standards Commission has ordered domestic internet service providers to block access to Polymarket, an overseas prediction market platform, after determining that the service promotes gambling.
The commission’s telecommunications review subcommittee made the decision at a meeting Tuesday, concluding that Polymarket contains information intended to facilitate gambling or establish a place for gambling under the Criminal Act. It also found that the platform provides information intended to facilitate activities similar to sports betting under the National Sports Promotion Act.
The regulator said Polymarket’s winner-take-all structure encourages gambling behavior because users can face sharply divergent financial gains or losses depending on outcomes beyond their control.
2. How is this related to the sub
(1) Financial regulation: Is polymarket a gambling den ?