South Korea Reviews Polymarket Legality
South Korea’s Korea Communications Standards Commission has launched a review of prediction market platform Polymarket to determine whether it should be classified as an illegal gambling site under local law. The move follows a complaint filed against the platform and comes as regulators assess how other jurisdictions have responded to similar services.
Questions Over Legal Classification
The review is considered more complex than a standard gambling case because Polymarket operates as a prediction market instead of a traditional betting platform. Users place stablecoin-based wagers on real-world events, including elections, interest rate decisions, and cryptocurrency prices, with payouts determined by actual outcomes.
According to comments made to Bloomingbit by a commission official, the platform requires a more detailed legal assessment than ordinary gambling websites. The official added that Polymarket could still be categorized as a new form of gambling-related service depending on the findings of the review.
Availability In South Korea
Polymarket currently remains accessible in South Korea and also provides a Korean-language interface. Under the country’s communications regulations, those factors may be sufficient to place the platform under the authority of domestic regulators even though its operations are based overseas.
The commission is now examining whether the platform’s activities fall within South Korean oversight rules and whether the service could be interpreted as promoting gambling activity.
International Pressure Builds
The investigation comes as prediction market platforms continue to see rapid growth globally. Data cited in the Bloomingbit report from Bernstein showed global trading volume reaching $51 billion in 2025, three times higher than the previous year. Estimates suggest volumes could rise to $240 billion this year and potentially hit $1 trillion by 2030.
Several countries have already moved against Polymarket. France, Germany, Italy, India, Brazil, Australia and Argentina have reportedly classified the platform as an illegal gambling service and restricted access.
In the United States, regulators in states including Minnesota, Wisconsin and Nevada have also taken action through lawsuits or cease-and-desist orders related to sports-event prediction contracts.
Potential Regulatory Action
Jin Hyun-soo, managing partner at Decent Law Firm, told Bloomingbit that South Korean authorities have the ability to block access to Polymarket if the platform is found to be targeting Korean users through localized services.
He added that the company could eventually face removal from the South Korean market if it continues operating without addressing local regulatory requirements.
The review highlights the wider debate surrounding prediction markets and whether they should be treated as financial-style event trading platforms or fall under gambling regulations.
