South Korea blocks Polymarket citing illegal gambling structure
South Korea's media and communications regulator moved to restrict Polymarket access, arguing that the prediction market's structure and operations constitute illegal gambling despite its noncustodial design and smart contract functionality. This brings South Korea in line with over 30 other jurisdictions that have already restricted the platform.
Why it matters for the crypto market
Marks a major regulatory rejection of decentralized prediction markets on gambling grounds, limiting crypto-based financial access in a major Asian economy and signaling tightened enforcement against crypto platforms perceived as gambling.
Source: CoinDesk
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