Singapore Blocks Polymarket Over Gambling Law Violations

Singapore Blocks Polymarket Over Gambling Law Violations

Singapore's Gambling Regulatory Authority (GRA) has ordered local Internet Service Providers (ISPs) to block access to Polymarket, citing its violation of local gambling laws. This aligns Singapore with Taiwan and France, which have similarly targeted the decentralized prediction market recently.

Users attempting to access Polymarket in Singapore are met with a warning stating, "You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider." Violators could face fines of up to SGD 10,000 ($7,200) or imprisonment for up to six months under Singapore’s laws.

While the GRA has not publicly commented on the ban, Taiwan's recent actions against Polymarket included the arrest of 17 individuals for using the platform to bet on the presidential election. Taiwanese law strictly prohibits election betting, adding to the platform's mounting legal challenges.

The company’s legal troubles extend to the US, where the Commodity Futures Trading Commission has subpoenaed Coinbase for information about US nationals trading on Polymarket. Meanwhile, Donald Trump Jr. just announced that he is joining the Kalshi prediction market as a strategic adviser.

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BlackRock Launches Bitcoin ETF on Cboe Canada

BlackRock Asset Management Canada has launched the iShares Bitcoin ETF (IBIT) on Cboe Canada, offering Canadian investors a streamlined way to gain Bitcoin exposure. Trading under the symbols IBIT and IBIT.U for US dollar units, the ETF directly tracks Bitcoin's price, removing operational and custody complexities.

"The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin," said Helen Hayes, Head of iShares Canada at BlackRock. The fund invests through its US counterpart, which holds long-term BTC assets. The Bitcoin ETF joins seven other iShares listings on the Cboe platform.

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Azuki NFT Project Launches ANIME Token

Azuki, a leading NFT project, has introduced its ANIME token, described as a "culture coin" to engage its community and global anime fandom. Following the announcement, Azuki NFT prices rose 9.1%, with the cheapest selling for 13.77 ETH ($42,000). "Together with the Animecoin Foundation, we’re forging the next arc for anime," Azuki wrote on X.

Half of the token supply will go to the community, with 37.5% unlocked at launch and 13% managed through a DAO for incentives. According to a three-year vesting schedule, the team and advisors will receive 15.6% of the supply. The release follows similar token launches by NFT projects like Pudgy Penguins (PENGU), signaling a growing trend of integrating tokens with digital collectibles.

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Tether Moves Headquarters to El Salvador with DASP License

Tether has obtained a Digital Asset Service Provider (DASP) license in El Salvador, solidifying its presence in the country’s Bitcoin-focused economy. This additionally positions Tether to leverage the nation's supportive regulatory environment and expand stablecoin adoption. "El Salvador represents a beacon of innovation in the digital assets space," said Paolo Ardoino, Tether’s CEO.

The company plans to focus on financial inclusion in underserved markets while enhancing its ability to innovate under favorable regulations. By establishing its headquarters in El Salvador, Tether aligns with the country’s vision of a decentralized, novel financial system. Tether's USDT currently has a market capitalization of $137 billion, according to CoinMarketCap.

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Data of the Day

Layer 1 blockchain Sui achieved a 542% price increase in 2024, surpassing its competitors Bitcoin, BNB, Solana, Cardano, Ethereum, and others. The network processed 7.5 billion transactions and peaked at $2 billion in Total Value Locked, signaling investor interest in newer L1 networks.

Developed by Mysten Labs, Sui's parallel transaction processing and object-centric architecture drive its efficiency. The Mysticeti consensus algorithm, implemented in 2024, reduced transaction finality times, contributing to its record performance.

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More Breaking News

• Over 7 million OpenSea email addresses leaked in 2022 have resurfaced, sparking phishing concerns across the crypto industry.
• FTX will begin distributing $1.2 billion to creditors after Trump's inauguration on Jan. 20, with potential reinvestment into cryptocurrencies due to market optimism.
• AI agent tokens like ai16z and Virtuals Protocol have suffered sharp declines, with some losing over 50% of their value in a week.
• MicroStrategy purchased 2,530 Bitcoin for $243 million, raising its total holdings to 450,000 BTC at an average cost of $62,691.
• MoonPay acquired the Solana payment app Helio for $175 million to further develop its crypto-to-fiat payment services and expand merchant integrations.
• ScaleBit identified a critical vulnerability in Uniswap Wallet, warning users against sharing devices until the issue exposing seed phrases is resolved.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.