Prediction markets like Polymarket face strict regulation in Australia, ASIC confirms it has not received any operating applications

BlockBeats news, October 29 - According to Bloomberg, Sarah Court, Chair of the Australian Securities and Investments Commission (ASIC), stated at a parliamentary hearing that the agency has not received any applications from prediction market operators. Prediction market platforms such as Polymarket may face strict regulation in Australia, and any operating license applications will also undergo rigorous review.

Sarah Court pointed out that the trading mechanism of prediction markets is similar to binary options, which have been banned in Australia, featuring an all-or-nothing outcome, and the underlying assets are often unrelated to investments or financial markets. Although Australian users can directly access relevant overseas platforms, they are not protected by local financial regulation and find it difficult to obtain measures such as dispute resolution and client money protection.