South Korean regulatory authorities are moving to restrict access to the decentralized prediction market platform Polymarket, classifying its operations as illegal gambling under local laws.
The Korea Media and Communications Commission determined that Polymarket's structure and operational mechanics constitute unauthorized wagering. This classification applies despite the platform's noncustodial design and the utilization of smart contracts for transaction execution.
The action reflects ongoing regulatory scrutiny in South Korea targeting decentralized financial services and prediction platforms that operate outside domestic licensing frameworks for gambling and financial activities.
