As a seasoned researcher with a focus on digital currencies and their impact on traditional markets, I find myself intrigued by the ongoing saga surrounding Polymarket. Having closely followed the crypto landscape for years, I’ve seen countless innovations that have pushed the boundaries of what’s considered legal and acceptable in various jurisdictions.
The regulatory body for gambling in France is contemplating a prohibition of the cryptocurrency forecasting platform, Polymarket, due to rising user interest regarding the 2024 U.S. presidential election.
According to a report by Bloomberg published on November 7th, the French National Gaming Authority (Autorité nationale des jeux or ANJ) is examining whether Polymarket’s operations adhere to French gaming regulations.
As a crypto enthusiast, I’ve come across this platform before, and I’m currently scrutinizing its functioning and ensuring it adheres to the French laws governing gambling. This is according to a representative from the ANJ who shared this information with CryptoMoon.
Earlier reports from a cryptocurrency-centric news outlet, The Big Whale, suggest that the Autorité Nationale des Jeux (ANJ) might restrict access to Polymarket for French residents soon.
What is Polymarket, and why did it catch the attention of ANJ?
2020 saw the debut of Polymarket, a platform for decentralized prediction markets where individuals can wager on the results of real-life events by employing digital currencies.
2024 saw a significant surge in popularity for the betting platform, with October marking a record-breaking milestone of $2.5 billion in placed bets, as reported by Dune Analytics.
Despite being based in New York City, the Polymarket platform is not accessible for users residing within the United States at this time. On the contrary, individuals from countries such as France are actively utilizing the service.
As a researcher examining data from the Polymarket platform, I’ve uncovered an intriguing pattern. A trader, known pseudonymously as Fredi9999 and believed to be of French nationality, has reportedly made bets totaling at least $20 million, backing Donald Trump as the next U.S. president. If the predictions hold true, this trader could potentially stand to gain close to $50 million, spread across four separate accounts, based on current estimations by Bloomberg.
Polymarket is a betting activity
As a researcher delving into this topic, I’ve come across an interesting finding: Polymarket seems to fall under France’s gambling regulations, according to a trusted source I’ve been in touch with at the ANJ (French Gambling Regulatory Authority). This is intriguing given its connection to cryptocurrency.
Despite Polymarket’s utilization of cryptocurrencies in its functions, it essentially falls under the category of gambling, which is currently illegal in France, according to reports.
As per William O’Rorke, a partner at ORWL Avocats, Polymarket essentially involves wagering funds on unpredictable events, which aligns with the fundamental definition of gambling. In simpler terms, it can be likened to placing a bet in sports. This was his assertion.
“Unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.”
In the context of the 2024 U.S. Presidential Election, Polymarket appears to have had an impact, as stated by CEO Shayne Coplan, the Trump campaign reportedly discovered their victory through Polymarket.
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2024-11-07 20:09