Portugal's gambling regulator SRIJ has demanded Polymarket cease all operations immediately.
Why Now?
The crackdown follows massive betting on Portugal's January 18 presidential election, with over $130 million wagered on election markets.
The Problem:
Portuguese law only permits betting on sports, casino games, and horse racing. Political betting is illegal under the 2015 gambling framework.
Current Status:
Despite the deadline passing, Polymarket remains accessible. Regulators are now expected to order ISPs to block the site directly.
Portugal joins UK, France, Germany, and Ukraine in taking action against the platform.
Key Takeaway:
Polymarket's decentralized blockchain structure makes enforcement difficult. Users will likely turn to VPNs to bypass restrictions.
This highlights the growing tension between decentralized crypto platforms and traditional regulators worldwide.
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