BlockBeats News, May 22nd. According to Bloomberg, the Korea Communications Standards Commission (KCSC) has officially launched a review of the prediction market platform Polymarket to determine if it is providing illegal gambling content, potentially violating South Korea's anti-gambling laws.
South Korean law imposes strict restrictions on gambling activities, only allowing nationally approved organizations to operate activities such as horse racing and sports betting. However, Polymarket argues that the odds on its platform are determined by market participants through buying and selling contracts, rather than set by the platform itself, and thus should not fall under the anti-gambling law.
It is worth noting that South Korea will hold local elections in June this year, and there are currently multiple prediction markets on Polymarket related to the election results.
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