Korea’s media regulator, the Korea Media and Communications Commission, said Tuesday it had voted to block access to prediction market platform Polymarket following consultation with relevant agencies.
In a statement, the Commission said that under Korea’s Criminal Act, Polymarket “constitutes information that facilitates gambling or is intended to provide a venue for gambling, as well as information intended for activities similar to sports betting that fall under the National Sports Promotion Act.”
As such, the regulator will require all internet service providers to block access for South Koreans, while any individuals attempting to access the platform by using a VPN could face a fine of up to KRW10 million (US$7,080) under Article 246 of the Criminal Act.
In reaching its determination, the Commission rejected claims by Polymarket that it did not fall under the Act on Promotion of Information and Communications Network Utilization and Information Protection because it had removed its Korean-language service and did not accept bets in Korean won. The company also argued that it does not issue sports betting tickets or directly handle user funds.
In response, the Commission said, “Polymarket’s winner-take-all structure encourages gambling by making users’ financial gains or losses depend heavily on the outcomes of events they cannot control, such as politics, the economy, international affairs, sports, elections and weather.
“Companies cannot avoid Korean law simply because of technical features or the way they provide their services, such as whether they offer a Korean-language service.”
The Commission explained that it had consulted with the Korean National Police Agency, the National Gambling Control Commission and the Korea Sports Promotion Foundation before reaching its decision, adding, “The relevant agencies expressed the view that Polymarket’s operations could constitute the operations of a gambling venue or gambling under Korean law.”
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