UK may lift prediction market ban; SoKor, Poland ‘crypto’ bill stall

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7. UK may lift prediction market ban; SoKor, Poland ‘crypto’ bill stall

This past week saw regulatory movement and quagmire in equal measure across the globe, as the United Kingdom’s financial watchdog considers lifting a ban on prediction markets, while South Korea and Poland both face legislative standoffs.

UK considers lifting prediction markets ban

The U.K.’s top financial sector watchdog, the Financial Conduct Authority (FCA), has reportedly held talks with trading platforms about relaxing a ban on prediction markets that has been in place since 2019.

According to a September 4 report from The Times, the FCA is considering lifting its ban on prediction market platforms, such as the popular United States-based platforms Polymarket and Kalshi, for U.K.-based retail investors.

Prediction market platforms are a multibillion-dollar industry that allows users to profit from predictions on almost any event, from elections and political movements to the more traditional gambling sphere of sports.

In recent months, the sector has increasingly found itself at odds with gambling authorities and laws around the world, such as in South Korea and Indonesia, which both moved to block the platforms this year.