Prediction Market Regulatory Storm Escalates: Spain Blocks Polymarket and Kalshi

ORIGINAL預測市場監管風暴延燒：西班牙封鎖 Polymarket 、 Kalshi

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Government regulatory crackdowns on prediction market platforms are rapidly intensifying. Following Indonesia's recent blocking of Polymarket, Spanish authorities have now officially stepped in, announcing a total ban on Polymarket and Kalshi on the grounds that both platforms lack local operating licenses and are suspected of illegally providing online gambling services. According to the "Official State Gazette" published on Tuesday, this ban was issued by the Directorate General for the Regulation of Gambling (DGOJ) under the Spanish Ministry of Social Rights, Consumer Affairs and Agenda 2030. The authorities have initiated disciplinary proceedings against both platforms for operating without a license. Spanish authorities stated that this blocking order is a "preventive measure," and the related investigation and administrative penalty procedures are expected to take three to four months to reach a final conclusion. Under the Spanish legal system, any betting on "uncertain future outcomes" is defined as "gambling." Therefore, prediction market operators must obtain a special license to provide services to the public within the country. Spanish regulators further sternly accused these unauthorized offshore platforms of lacking Know Your Customer (KYC) systems, failing to implement controls to prevent minors from accessing the platforms, and lacking self-exclusion mechanisms to prevent gambling addiction. Since the overseas registered addresses of both companies are unreachable, Spanish authorities could not directly serve the penalty notices and were forced to proceed with public notification via the "Official State Gazette" in accordance with standard administrative procedures. Spain's latest move further escalates the regulatory pressure on prediction markets. Just a day earlier, the Indonesian government announced a block on Polymarket, citing "illegal online gambling involving bets on uncertain outcomes." Looking back at this year, this regulatory crackdown has been in full swing. In April, Brazilian authorities blocked approximately 28 platforms, including Kalshi and Polymarket, citing "investor protection." In January, Portugal issued an emergency order to block Polymarket hours before the presidential election results were announced, following a surge in betting volume. Subsequently, in March, an Argentine court issued a nationwide ban.

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