The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.
South Korean authorities have ordered access to Polymarket to be blocked after determining that the crypto prediction market provides an illegal gambling environment to users in the country.
The country’s media and communications review commission said Tuesday that Polymarket falls under information that facilitates gambling or the opening of a gambling venue under the Criminal Act, as well as prohibited analogous betting activity under the National Sports Promotion Act.
The regulator said Polymarket’s winner-takes-all structure, where users can gain or lose money based on outcomes including politics, sports and weather, encourages speculative gambling behavior. It also cited Polymarket’s role in operating markets, setting trading rules, providing crypto deposit, withdrawal and settlement systems and collecting transaction fees.
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