South Korea’s Korea Communications Standards Commission has launched a review of prediction market platform Polymarket, looking at whether the service constitutes an illegal gambling site under domestic law.
A commission official confirmed to Korean crypto outlet Bloomingbit on Wednesday that a complaint had been filed against the platform and that the review was now underway. The regulator is also examining how other countries have handled the platform and assessing whether it could be deemed to encourage gambling.
The legal question is not straightforward. Unlike a conventional illegal betting site, Polymarket operates as a prediction market, users stake stablecoins on the outcome of real-world events, from US elections to interest rate decisions to crypto prices, and receive returns based on what actually happens.
The commission official acknowledged the distinction, saying the platform requires a more detailed review than a typical gambling site, while adding that it could still be classified as a new type of gambling-related service.
Complicating matters further, Polymarket is currently accessible in South Korea without meaningful restrictions and offers a Korean-language interface. Under Korean communications law, that’s enough to bring a platform within the commission’s remit even if it operates on servers overseas.
The stakes are significant. According to data from Bernstein cited in the Bloomingbit report, global prediction market trading volume tripled year-on-year to $51 billion in 2025. That figure is forecast to hit $240 billion this year, with analysts projecting $1 trillion in volume by 2030. South Korea would be joining a growing list of regulators taking action.
France, Germany, Italy, India, Brazil, Australia and Argentina have all classified Polymarket as an illegal gambling site and blocked access. In the US, several states including Minnesota, Wisconsin and Nevada have issued cease-and-desist orders or filed lawsuits over sports-event contracts on prediction market platforms.
Jin Hyun-soo, managing partner at Decent Law Firm, told Bloomingbit that the commission has the authority to block access to Polymarket if it provides Korean-language services or conducts business targeting Korean users. If the platform continues operating without engaging with domestic regulations, he said, it risks being effectively pushed out of the Korean market entirely.
