Thailand Proposes Ban on Polymarket to Combat Online Gambling

Thailand's cybercrime authority plans to propose banning decentralized prediction marketplace Polymarket because it could be considered an online gambling site, which is considered illegal in the country.
The suspension of Polymarket is essential to prevent the public from becoming victims of online gambling and to deter the use of cryptocurrencies for illegal activities, which "can have serious economic and social repercussions," according to Thailand's Cyber Crime Investigation Bureau. Cyber Police said the site facilitates betting on global events through cryptocurrencies, which could be illegal online gambling in Thailand. Police did not specify a timeline for the possible closure.