Brazilian Authorities Ban Kalshi, Polymarket, and 27 Other Prediction Platforms

According to Cointelegraph, Brazilian authorities have taken action to ban 27 prediction market platforms, including Kalshi and Polymarket. Under the new regulations, contracts related to sports, politics, entertainment, or social activities are prohibited, as authorities believe these contracts are closer to gambling rather than financial investment. Only contracts tied to economic indicators such as inflation, interest rates, exchange rates, or commodity prices are permitted and subject to financial market regulation. This crackdown stems from Resolution No. 5,298 issued by Brazil's National Monetary Council (CMN) on Friday, which will take effect in early May and significantly restrict the scope of services offered by prediction market platforms.