Polymarket Faces Access Issues in India Amid Regulatory Crackdown
- Polymarket, a leading decentralized betting platform, is currently inaccessible to users in India.
- The outage follows an April advisory from the Ministry of Electronics and Information Technology (MeitY) targeting illegal betting platforms.
- Internet service providers have been ordered to block access to prediction markets like Polymarket.
- Kalshi, another prediction market regulated by the U.S. CFTC, may also face similar restrictions soon.
- The Indian government has implemented a flat tax of 30% on crypto gains and a TDS of 1% on transactions, impacting trading volumes significantly.
This crackdown reflects India’s ongoing cautious approach towards the cryptocurrency sector, emphasizing regulatory compliance and financial stability over industry growth. The Ministry of Finance aims to enforce strict Anti-Money Laundering (AML) measures within the sector.
As Polymarket becomes unreachable for Indian users, the government’s stringent regulations continue to shape the landscape for platforms operating in this space, including potential actions against Kalshi as well. (Source)
