The Czech Ministry of Finance added prediction market platform Polymarket to its register of unauthorized online gaming services on July 13. The move classifies the platform as an unlicensed gambling operator and requires internet service providers to block access within 15 days.
Officials cited Polymarket's use of the USDC stablecoin for settlements and its operation as a decentralized platform without involvement of locally licensed entities. The decision aligns with actions in several other European Union countries that have restricted or blocked the service. Italy recently reinstated Polymarket on its blocking list, while the Netherlands denied the platform's appeal against prior restrictions.
Separately, the European Securities and Markets Authority warned this month that certain event contracts qualifying as financial instruments remain prohibited for retail investors under existing rules on binary options. Meanwhile, Gibraltar introduced a specific regulatory framework for prediction markets this week, and Malta indicated it is considering a comparable approach.
Officials cited Polymarket's use of the USDC stablecoin for settlements and its operation as a decentralized platform without involvement of locally licensed entities. The decision aligns with actions in several other European Union countries that have restricted or blocked the service. Italy recently reinstated Polymarket on its blocking list, while the Netherlands denied the platform's appeal against prior restrictions.
Separately, the European Securities and Markets Authority warned this month that certain event contracts qualifying as financial instruments remain prohibited for retail investors under existing rules on binary options. Meanwhile, Gibraltar introduced a specific regulatory framework for prediction markets this week, and Malta indicated it is considering a comparable approach.