Indonesia blocks Polymarket, calling prediction market online gambling in disguise
Authorities stated that using crypto or blockchain doesn’t change platforms that let users wager on uncertain outcomes from being gambling products.
What to know:
- Indonesia blocked the crypto prediction market Polymarket, classifying it as illegal online gambling under local law.
- Authorities stated that using crypto or blockchain doesn’t change platforms that let users wager on uncertain outcomes from being gambling products.
- Indonesia’s ban is part of a broader crackdown on prediction markets in Asia, with India also restricting Polymarket and other similar services.
Alexander Sabar, director general of digital space supervision, claimed that platforms that allow users to wager money on uncertain outcomes remain gambling products, even when they use blockchain technology or crypto assets.
Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes. The platform has grown into one of the largest crypto prediction markets, but regulators in several jurisdictions have treated parts of the business as gambling rather than financial-market activity.
Indonesia’s statement did not name Kalshi, a U.S.-regulated prediction market operator, or other platforms but said authorities would restrict similar services that facilitate online gambling.
The order could extend to other prediction-market platforms if Indonesian regulators determine that they allow users to wager money on uncertain real-world events.
