Gemini Summarized:
- Polymarket Blocked: The Singapore Police Force has blocked Polymarket, a prediction market platform, labeling it an "illegal gambling site."
- Regulatory Crackdown: This action comes amidst a crackdown on unlicensed gambling platforms in Singapore.
- Enforcement Shift: The Singapore Police Force now oversees enforcement, previously handled by the Gambling Regulatory Authority (GRA).
- Polymarket's Model: Polymarket allows users to bet on world events using cryptocurrency. It has faced regulatory challenges before, including a settlement with the U.S. Commodity Futures Trading Commission.
- Regulatory Concerns: The Singapore ban raises questions about the distinction between prediction markets and gambling.
- Broader Implications: This case highlights the challenges of regulating blockchain-based platforms and the evolving regulatory landscape for prediction markets globally.
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