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Singapore's strict crypto regulations impact digital payment platforms, shaping fintech innovation while excluding cryptocurrencies from gambling.
Singapore’s crypto regulations are a real mixed bag. On one hand, they unleash innovation, but on the other, they clamp down hard on the bad guys. This article is a deep dive into how Singapore’s gambling rules mess with digital payment platforms and fintech innovation.
Back on January 12, a bunch of users from Singapore started saying they couldn’t access Polymarket, which is a cryptocurrency-based prediction market. This blockage is really just part of the government’s wider crackdown on unlicensed gambling platforms. Alex Zuo, who’s the VP of Investment and Custody at Cobo Global, pointed this out on X, saying:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”
If you’re trying to access Polymarket from Singapore, you get a warning from the GRA saying you’re attempting to access an illegal gambling site. It’s a pretty serious matter too, as they can hit you with a fine of up to $10K or six months in the slammer.
The Gambling Control Act 2022 is a huge regulatory framework that covers pretty much every form of gambling in Singapore. The Gambling Regulatory Authority (GRA) claims that it’s all about fairness, transparency, and crackdowns on financial crimes.
To be honest, the warning that the GRA is sending out isn’t very subtle:
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”
The GRA was set up last August and is in charge of everything gambling-related in Singapore. They were restructured from the Casino Regulatory Authority to make a single regulatory body that could tackle all the new gambling products and services. Their job is to enforce the Gambling Control Act and make sure everyone’s following the rules.
Polymarket runs on the Polygon blockchain and lets users bet on world events, using USD Coin (USDC) as the currency. It’s got its innovative side, but it’s also facing a lot of regulatory pushback from places worried about unlicensed gambling.
The enforcement for illegal gambling moved from the GRA to the Singapore Police Force this year. They’re not just sitting back either; since 2015, they’ve blocked over 3,800 gambling websites and 145,000 transactions, totaling SG$37 million ($27 million).
Even with all these rules, Singapore is still crushing it in the blockchain and cryptocurrency scene. A report from December by ApeX Protocol says Singapore has 1,600 blockchain patents, 2,433 jobs in the industry, and 81 cryptocurrency exchanges. The Monetary Authority of Singapore (MAS) is the engine behind this fintech innovation.
In 2024, Singapore upped its game by doubling the issuance of digital asset licenses. The MAS gave out 13 Major Payment Institution Licenses for crypto exchanges, more than double what they gave out in 2023.
Polymarket hasn’t exactly had an easy ride either. On January 8, Coinbase told users they got hit with a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding Polymarket. Back in 2022, Polymarket settled with the CFTC over running an unregistered derivatives trading platform, which included a $1.4 million fine and a cease-and-desist order.
In November 2024, they blocked French users after reports that French authorities were looking into them for gambling law compliance. Despite all these hurdles, Polymarket is still going strong, with $431 million in trading volume in the first days of 2025.
Singapore’s crypto regulations can be a pain for digital payment platforms and fintech innovation. The exclusion of crypto from gambling keeps the financial crime at bay, but it’s also affecting how fintech operates. The Monetary Authority of Singapore (MAS) is trying to balance the innovation we all want with the rules they have to enforce, keeping Singapore at the forefront of the crypto world.
