South Korea’s Korea Media and Communications Commission has decided to block access to Polymarket, a decentralized prediction market platform. The regulatory body raised concerns that Polymarket’s structure and operations amount to illegal gambling, despite the platform’s use of noncustodial design and smart contracts.
According to CoinTelegraph, the Commission emphasized that the technical setup of Polymarket does not exempt it from gambling regulations under South Korean law. This move highlights the country’s strict stance on digital platforms that could potentially facilitate unauthorized betting activities.
For Japanese investors and traders, this regulatory action serves as a reminder of the increasing scrutiny that crypto and DeFi platforms face across Asia, reinforcing the importance of compliance with local gambling and financial laws in their markets.