South Korea Orders Polymarket Blocked, Rejecting Its Peer-to-Peer Defense

South Korea Orders Polymarket Blocked, Rejecting Its Peer-to-Peer Defense

South Korea’s communications regulator resolved on Tuesday to cut off domestic access to Polymarket, finding that the prediction market is speculative in nature and that its decentralized design does not place it outside Korean law. The communications review subcommittee of the Korea Communications Standards Commission issued a request, directing Korean internet providers to block the site. It cited the Criminal Act provisions on gambling and on…

South Korean Polymarket Ban Will Freeze Out Domestic Prediction Markets, Say Experts

South Korean regulators’ decision to ban Polymarket from operating in the country could spell the end for the domestic prediction market sector, industry insiders say.Experts voiced their discontent after the Korea Communications Standards Commission ruled that Polymarket violates national gambling law, the South Korean media outlet News1 reported.“[The government] needs to examine whether the regulator adequately reviewed the economic functions…