BlockBeats News, May 22nd, the Korea Communications Standards Commission has initiated a review of the prediction market platform Polymarket to determine whether it constitutes illegal gambling under South Korean law. This review follows several recent complaints, and the commission is referring to precedents set by countries such as France, Germany, and Italy, which have blocked access to Polymarket.

Industry insiders are concerned that this review may lead to Polymarket being blocked in Korea and subsequently pushed out of the Korean market. Lawyers have stated that if the platform offers localized services to Korean users, even if its servers are located overseas, it may still fall under regulatory oversight.