Chiara Bianchi
Thailand’s Cyber Crime Investigation Bureau (CCIB) has announced plans to recommend a ban on Polymarket, a decentralized prediction marketplace, labeling it as an illegal online gambling platform.
In a press briefing held Tuesday, cybercrime authorities emphasized that suspending the platform is essential to protect the public from potential gambling-related harms and to curb the use of cryptocurrencies in unlawful activities. According to a translated statement, they warned that such activities could result in “serious economic and social consequences.”
Officials claimed the platform enables users to place bets on global events using cryptocurrencies, which under Thai law could constitute illegal online gambling. However, no specific timeline was given regarding the possible suspension of the platform’s services in the country.
Global Crackdown on Polymarket Continues
Thailand’s stance reflects actions taken by other nations. Recently, users in Singapore reported being unable to access Polymarket, encountering a government notice declaring the site illegal.
Similarly, Taiwan imposed restrictions on Polymarket last year, even prosecuting a user who wagered approximately $530 on election outcomes. In addition, Polymarket remains restricted in regions such as the United States and France as regulatory bodies continue to scrutinize decentralized platforms linked to gambling activities.
Balancing Regulation and Crypto Innovation
Thailand’s proposed measures highlight ongoing challenges as governments worldwide grapple with regulating decentralized platforms while addressing concerns around gambling and cryptocurrency usage. The outcome of these regulatory efforts will likely shape the future of blockchain-based betting services.
