Indonesia blocks Polymarket, calling prediction market online gambling in disguise
Indonesia has blocked Polymarket, a crypto-based prediction market, citing local laws that classify such platforms as online gambling.Summary
Indonesia's Ministry of Communication and Digital Affairs has blocked access to Polymarket, a crypto-based prediction market, stating that the platform amounts to online gambling under local law. The ministry emphasized that using crypto or blockchain technology does not change the classification of platforms that allow users to wager money on uncertain outcomes. Alexander Sabar, director general of digital space supervision, argued that such platforms remain gambling products regardless of the technology used. Polymarket allows users to trade contracts tied to real-world events, including elections, sports, crypto prices, and political outcomes. The Indonesian government has also traced affiliated social media accounts for potential restrictions across other digital channels. The move follows a broader clampdown on prediction markets in Asia, with India recently blocking Polymarket and classifying similar platforms as prohibited online money gaming. The Indonesian ministry noted that Singapore, Brazil, and India have also blocked Polymarket, while Taiwan, Thailand, China, and Japan have imposed restrictions under local laws. The regulator urged Indonesians not to access or participate in digital betting activities, including those using crypto assets, citing potential financial losses and violations of the law. The ministry stated that it would continue to coordinate with law enforcement and other stakeholders to monitor similar platforms.
(Source：Coindesk Indonesia)