Indonesia has blocked access to the prediction market platform Polymarket following a viral bet speculating on an early end to President Prabowo Subianto's term. The Ministry of Communication and Digital Affairs announced the ban, citing the need to protect the public from gambling-like activities. Alexander Sabar, Director General of Digital Space Supervision, emphasized that monetary bets on event outcomes are considered gambling, regardless of blockchain or crypto involvement.
The move is part of a broader international crackdown on prediction markets, with countries like Taiwan, Thailand, China, and India imposing restrictions, and others like Singapore and Colombia blocking access. Regulatory scrutiny has intensified globally, with concerns about market integrity and investor protection. The Indonesian action highlights the growing regulatory challenges facing prediction markets, raising questions about their future compliance and business models.
Indonesia Blocks Polymarket Over Presidential Bet
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