Indonesia Blocks Polymarket, Classifying Prediction Market as Disguised Online Gambling

Indonesia has officially blocked access to Polymarket, a decentralized prediction market platform, labeling it as a form of online gambling in disguise. The Indonesian government’s regulatory body, the Financial Services Authority (OJK), stated that such platforms pose risks to financial stability and consumer protection. This move aligns with the country’s strict stance against unregulated financial activities, including cryptocurrency-related gambling. Polymarket, which allows users to bet on real-world events using cryptocurrencies, has faced increased scrutiny globally. The ban highlights ongoing regulatory challenges for decentralized finance (DeFi) platforms in Asia, particularly those involving POLY token and other crypto assets. Investors and users are advised to monitor regulatory developments in Indonesia and other jurisdictions.