Ukraine Blocks Polymarket and Gambling Sites Amid Web3 Prediction Market Uncertainty

Ukraine Blocks Polymarket and Gambling Sites Amid Legal Void for Web3 Prediction Markets

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Ukraine’s ban on Polymarket indicates a lack of legal clarity for Web3 platforms, potentially stifling innovation in the sector.

Ukraine has recently blocked Polymarket and nearly 200 gambling-related websites. According to Foresight News, Dmitry Nikolaievskyi, Chief Legal Officer of the Digital Economy Development Project Office at Ukraine’s Ministry of Digital Transformation, stated in an interview with CoinDesk that under current Ukrainian law, Web3 prediction markets lack a legal framework for operation. While the decision to shut down Polymarket followed existing legal procedures, the fundamental issue is the country’s legal system does not recognize prediction markets.

## Legal Limbo

Previously, the National Commission for State Regulation of Electronic Communications (NKEK) issued a directive for internet service providers to block access to prediction markets. This order was made following recommendations from Ukraine’s national gambling regulator, PlayCity, which highlighted that Polymarket operates without a gambling license and its market includes bets related to the Russia-Ukraine war.

## Web3 Prediction Markets in Jeopardy

The blocking of Polymarket and other Web3 prediction markets by Ukraine’s authorities has sent shockwaves through the sector, with implications for the future of decentralized finance (DeFi) and prediction markets. The lack of regulatory clarity in Ukraine poses a significant challenge to Web3 platforms seeking to operate in the country, potentially stifling innovation and growth in the sector.

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. [See T&Cs.](https://www.binance.com/about-legal/terms-square)

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