Indonesia Blocks Polymarket for Violating Gambling Laws
Indonesia's Ministry of Communication and Digital Affairs blocked access to Polymarket on Friday, citing violations of local gambling laws. Director General Alexander Sabar stated that platforms allowing users to wager on uncertain outcomes are gambling products, even if using blockchain technology. The action followed a market tied to President Prabowo Subianto's presidency, where users could bet on early departure. The ministry is also tracing affiliated social media accounts to ensure comprehensive blocking. Indonesia joins over 30 countries that have restricted Polymarket, reflecting a broader Asian crackdown including Taiwan, Thailand, China, Japan, and India. In the US, prediction markets face a legal battle between states and the Trump administration, with Minnesota recently banning them and facing a lawsuit. CFTC Chair Michael Selig advocates for clear policies to avoid offshore operations and FTX-style implosions, but faces bipartisan pushback over insider trading concerns.
Key facts
- Indonesia blocks Polymarket for violating gambling laws.
- Action follows a market on President Prabowo's early departure.
- Ministry tracing affiliated social media accounts for full restrictions.
- Over 30 countries now block Polymarket, including Asian nations.
- US prediction markets face legal battle between states and federal agencies.