Thailand Plans To Ban Decentralized Prediction Market Polymarket

According to Odaily, following Singapore's lead, Thai cybercrime authorities are planning to propose a ban on the decentralized prediction market Polymarket. The platform is potentially viewed as an online gambling site, which is illegal in Thailand. The Thai Cybercrime Investigation Bureau emphasized that temporarily blocking Polymarket is crucial to prevent the public from falling victim to online gambling and to curb the use of cryptocurrencies for illegal activities. These activities could have significant economic and social impacts. The cyber police noted that the site facilitates betting on global events using cryptocurrencies, which may be considered illegal online gambling in Thailand. Currently, the authorities have not specified an exact timeline for the shutdown.