Indonesia Blocks Polymarket After Bets on President’s Early Departure
Indonesia’s Ministry of Communication and Digital Affairs blocked access to Polymarket, labeling its betting and prediction markets as illegal gambling, regardless of their use of blockchain or crypto assets. The move followed the launch of a market letting users bet on whether President Prabowo Subianto would leave office early, which had over $51,000 in trading volume. Indonesian authorities are also targeting social media accounts linked to Polymarket to ensure full enforcement. This action is part of a broader Asian crackdown, with similar bans in Taiwan, Thailand, China, and Japan, and India moving to block Polymarket and Kalshi. Globally, prediction markets face increased regulatory scrutiny, with more than 30 countries blocking Polymarket. In the U.S., there is ongoing legal conflict over who should regulate these platforms, with recent bans and lawsuits involving state authorities and federal agencies. Regulatory officials emphasize the need for clear policy to avoid risks, while lawmakers cite concerns about potential insider trading.
