The Korea Communications Standards Commission is reviewing Polymarket amid concerns the service could constitute illegal gambling under South Korean law.
According to a report by local media outlet Bloomingbit, the commission – which undertook the review after receiving a complaint – will explore whether Polymarket can be classified as illegal gambling and whether it can be deemed to encourage gambling. It also will look at other overseas regulatory cases to see how they have handled the prediction market dilemma.
The outlet noted that Polymarket is available in South Korea and offers a Korean-language service. This in itself could put it directly under the commission’s purview if it is seen as targeting Korean users, even if servers are elsewhere.
