Indonesia blocks Polymarket, calling prediction market online gambling in disguise

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Indonesia blocks Polymarket, calling prediction market online gambling in disguise Authorities stated that using crypto or blockchain doesn't change platforms that let users wager on uncertain outcomes from being gambling products. What to know: - Indonesia blocked the crypto prediction market Polymarket, classifying it as illegal online gambling under local law. - Authorities stated that using crypto or blockchain doesn't change platforms that let users wager on uncertain outcomes from being gambling products. - Indonesia's ban is part of a broader crackdown on prediction markets in Asia, with India also restricting Polymarket and other similar services. Indonesia’s Ministry of Communication and Digital Affairs has blocked access to Polymarket, saying the crypto-based prediction market amounts to online gambling under local law. The ministry said it had cut access to the platform and was tracing affiliated social media accounts for possible restrictions across other digital channels. Alexander Sabar, director general of digital space supervision, claimed that platforms that allow users to wager money on uncertain outcomes remain gambling products, even when they use blockchain technology or crypto assets. Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes. The platform has grown into one of the largest crypto prediction markets, but regulators in several jurisdictions have treated parts of the business as gambling rather than financial-market activity. Indonesia’s statement did not name Kalshi, a U.S.-regulated prediction market operator, or other platforms but said authorities would restrict similar services that facilitate online gambling. The order could extend to other prediction-market platforms if Indonesian regulators determine that they allow users to wager money on uncertain real-world events. Indonesia’s move follows a broader clampdown on prediction markets in Asia. India recently blocked Polymarket after authorities classified such platforms as prohibited online money gaming, with Kalshi also facing potential scrutiny. Polymarket is separately seeking approval in Japan by 2030, where strict gambling rules limit most forms of betting outside state-sanctioned activities. The Indonesian ministry said Singapore, Brazil and India have blocked Polymarket, while Taiwan, Thailand, China and Japan have imposed restrictions under local law. The prediction market is also blocked in Ukraine, where there’s no legal way for it to come back. The regulator urged Indonesians not to access or participate in digital betting activity, including markets that use crypto assets, citing potential financial losses and violations of Indonesian law. The ministry said it would keep coordinating with law enforcement and other stakeholders to monitor similar platforms.

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