Ukraine Bans Polymarket Amid Legal Framework Gaps
- Polymarket has been banned in Ukraine due to the absence of legal recognition for prediction markets.
- Over $270 million in war-related bets were placed on Polymarket, including predictions about territorial captures.
- The ban affects more than 30 countries, with Portugal being the latest to restrict the platform.
- Current Ukrainian legislation does not include a framework for companies to operate legally with crypto until the “On Virtual Assets” law is passed.
- While Polymarket is banned, users are not currently targeted for using VPNs or decentralized protocols.
The ban on Polymarket highlights significant gaps in Ukraine’s legal framework regarding crypto and gambling laws, particularly concerning unregulated platforms that facilitate betting on events.
As of now, there are no legal actions against individuals using VPNs to access banned platforms like Polymarket, despite over $270 million in bets linked to war-related events being recorded. (Source)
