- Indonesia blocked Polymarket after authorities classified the platform as illegal online gambling tied to speculative betting markets.
- Spain ordered temporary nationwide restrictions on Polymarket and Kalshi over alleged breaches of local gambling laws.
- Regulators in both countries argued prediction markets must comply with licensing, identity verification and consumer protection requirements.
Regulators in Spain and Indonesia have intensified pressure on prediction market operators Polymarket and Kalshi, arguing the platforms are offering unlicensed gambling products tied to uncertain future events.
Indonesia blocked access to Polymarket after authorities determined the platform violated national gambling laws despite operating through blockchain technology and crypto assets. Officials said betting and speculation on unresolved outcomes remained illegal under Indonesian regulations.
The crackdown came days after a Polymarket market was launched asking users to predict whether Indonesian President Prabowo Subianto would leave office early. According to Reuters, the market gained attention online following Prabowo’s announcement of plans to centralise oversight of major commodity exports.
Alexander Sabar from Indonesia’s communications ministry said authorities were also reviewing social media accounts connected to Polymarket as part of efforts to tighten restrictions. A Polymarket spokesperson said the company was open to discussions with Indonesian authorities regarding “responsible innovation, transparency and user protection in prediction markets”.
Related: Bernstein Says Prediction Markets Are Becoming Institutional-Grade Hedge Tools
Spain Orders Temporary Nationwide Blocks
Spain has also ordered nationwide blocks on Polymarket and Kalshi while investigations into the companies continue. The country’s gambling regulator said both platforms were operating without the required administrative authorisation to provide services locally.
Spanish authorities stated that prediction markets fall within gambling laws when users place wagers on uncertain outcomes. Regulators also raised concerns that the platforms lacked safeguards required under Spanish law, including identity checks, controls preventing minors from participating and self-exclusion tools for users experiencing gambling problems.
Related: Polymarket War Bets Raise Alarm After $2.4M Win Streak
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