South Korea investigates Polymarket for potential gambling violations

(AsiaGameHub) –   The South Korean government is conducting a review of how it will regulate the prediction platform Polymarket, aiming to confirm whether the site can be classified as a gambling site under local law.

The South Korea Communications Standards Commission has confirmed that a complaint regarding Polymarket has been submitted, and that an ongoing investigation is underway. Investigators will look into how other regions regulate Polymarket, as well as whether the platform could be seen as encouraging gambling.

Per an official from the commission, Polymarket does not match the profile of typical illegal gambling sites, but a detailed legal review is still necessary to verify this. Officials also appear to be still debating whether Polymarket can be categorized as a separate type of gambling.

One detail that could streamline Polymarket’s investigation is that the platform remains accessible from South Korea and features a full Korean-language version. Local law states that overseas businesses will be subject to regulation if they provide services to consumers within South Korea.

Jin Hyun-soo, managing partner at Decent Law Firm, told Bloomingbit that South Korean regulators could block access to the platform if it continues offering Korean-language services without complying with domestic regulations. He added that failing to engage with local authorities could ultimately lead to Polymarket being barred from the South Korean market.