South Korea Blocks Polymarket Access, Cites Illegal Gambling

South Korea's classification of Polymarket as illegal gambling signals that prediction markets face a distinct regulatory path from conventional crypto exchanges, where licensing frameworks are more established. The designation matters most for platforms blending event contracts with digital assets, as it frames their core product as gambling rather than finance. Whether other jurisdictions adopt similar reasoning is the open question, and how prediction platforms adapt their market structures in response will shape the sector's access to regulated markets.