In short
- Indonesian authorities banned Polymarket on Friday, citing violations of the country’s gambling laws.
- The ministry is investigating related social media accounts and warning that it will ban the same services.
- Indonesia joins the list of more than 30 countries that have blocked the platform.
Indonesia’s Ministry of Digital Communications has banned access to Polymarket on Friday, with officials saying platforms that allow users to bet money on uncertain outcomes are still gambling even when using them. blockchain technology or crypto assets.
Alexander Sabar, director of the digital environment at the Ministry of Communication and Digital Affairs Indonesia, said Polymarket activities include betting and speculation on uncertain results, putting the platform in violation of Indonesia’s laws. “The government will not allow any form of online gambling in Indonesia,” Sabar said in a translation words.
Regulatory affairs followed Polymarket’s launch of a the market tied to the presidency of Indonesian President Prabowo Subianto, allowing users to bet on whether the leader would leave office early. The market has made more than $51,000 in sales, with traders buying a 1% chance of Prabowo leaving by May 31 and an 11% chance at the end of 2026.
As well as blocking access to Polymarket and “similar services that have been shown to support online gambling,” Indonesian authorities began tracking all social media accounts associated with the crypto-native market prediction platform to verify access restrictions.
Stock market forecasts
The ban on Indonesia shows the violation of the law in Asia, and Taiwan, Thailand, China and Japan has already imposed restrictions on the market forecasting platform. India It is also in the process of shutting down Polymarket and Kalshi’s market prediction platform.
Prediction markets have faced regulatory challenges around the world in recent months, and more than 30 countries after banning Polymarket until now.
In the US, prediction markets have become the center of a legal dispute between federal officials and the Trump administration over who has the right to control the sector, with Minnesota the latest restricting prediction markets-He immediately found himself on the receiving end of a lawsuit from the CFTC and the Department of Justice.
CFTC Chairman Michael Selig has they argued that institutions should establish clear principles for regulating the prediction markets for fear of driving them overboard and causing FTX-type “demonstrations”. But he has experienced it bipartisan pushback in his opinion, and lawmakers are expressing concern possible insider trading on platforms.
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