South Korea's Telecommunications Standards Committee reviews Polymarket to determine if it constitutes illegal gambling

On May 22, according to Bloomingbit, the Korean Communications Standards Commission has launched a review of the global prediction market platform Polymarket to determine if it constitutes an illegal gambling website under the country's laws. A commission official stated that a relevant complaint was recently received, initiating the review, and that overseas regulatory cases are being referenced. Polymarket offers Korean language services, is accessible in Korea without barriers, and allows users to place real-time bets on the outcomes of events such as presidential elections and sports competitions using stablecoins. Unlike traditional gambling websites, Polymarket is a new form of prediction market that requires detailed examination, but it may still be considered a new type of gambling-related website.