Prediction markets including Polymarket face strict regulation in Australia, with the Australian Securities and Investments Commission (ASIC) confirming it has not received any operation applications.
41 minutes ago
According to Bloomberg, Sarah Court, chair of Australia’s Securities and Investments Commission (ASIC), told a parliamentary hearing that the regulator has not received any applications from prediction market operators. Platforms like Polymarket may face strict regulation in Australia, and any operating license applications will also undergo rigorous scrutiny. Court noted that prediction market trading mechanisms are similar to binary options already banned in Australia, featuring all-or-nothing outcomes, while their underlying assets are often unrelated to investment or financial markets. Australian users can directly access such overseas platforms, but are not protected by local financial regulations, and lack access to dispute resolution and customer fund protection measures.
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