Indonesia Bans Crypto Prediction Platform Polymarket

According to a report by Jinse Finance, on May 23, Indonesian authorities announced the official ban of the crypto prediction platform Polymarket, citing Indonesia's strict prohibition on both online and offline gambling. In a statement, the Indonesian Ministry of Communication and Digital Affairs stated that even if a platform is presented as a "prediction market" utilizing blockchain technology or crypto assets, platforms that allow monetary betting on specific outcomes or events are still classified as online gambling. "Activities like those on Polymarket involve monetary gambling and speculative elements on uncertain events, which violate Indonesia's current laws," said Alexander Sabbar, Minister of Communication and Digital Affairs, in the statement.