Singapore has taken action against Polymarket, a cryptocurrency-based prediction market, as part of its efforts to combat unlicensed gambling platforms. On January 12, several users in Singapore reported being unable to access Polymarket. Alex Zuo, Vice President of Investment and Custody at Cobo Global, commented on X: “Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.” Users attempting to visit Polymarket are greeted with a warning under Section 20 of the Gambling Control Act 2022. The act imposes penalties of up to SG$10,000, jail terms of up to six months, or both for gambling with unlicensed operators. The warning from the Gambling Regulatory Authority (GRA) reads: “You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.” Regulatory Landscape The GRA, established on August 1, 2022, oversees all forms of gambling in Singapore. It was created by restructuring the Casino Regulatory Authority to address the changing nature of gambling products and services. Polymarket operates on the Polygon blockchain, allowing users to bet on global events using USD Coin (USDC). From January 1, the Singapore Police Force assumed enforcement authority for illegal gambling. According to the GRA, Singapore Pools is the sole operator licensed to offer remote gambling services. Violators face fines of up to SG$500,000 and imprisonment of up to seven years, with repeat offenders subject to harsher penalties. Since 2015, the GRA has blocked more than 3,800 gambling websites and SG$37 million in transactions. Singapore’s Crypto Leadership Despite its strict gambling regulations, Singapore is a blockchain and cryptocurrency hub. A December study by ApeX Protocol highlighted Singapore’s 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 cryptocurrency exchanges. In 2024, Singapore doubled its issuance of digital asset licenses, granting 13 major payment institution licenses, more than twice the number in 2023.
