• Portugal prohibits political betting under its 2015 online gambling law.
• Polymarket remains accessible, but regulators may ask ISPs to block it.
• Polymarket faces restrictions in 30+ countries, with access limits varying by market.

Portugal’s gambling regulator has ordered blockchain-based prediction market Polymarket to cease operations in the country within 48 hours after the platform saw a sharp spike in activity linked to Sunday’s presidential election.

According to Rádio Renascença, bets placed on the outcome of the Jan. 18 vote exceeded 103 million euros ($120 million).

The regulator, the Serviço de Regulação e Inspeição de Jogos (SRIJ), said Polymarket does not hold a licence to offer betting services in Portugal and is therefore operating illegally.

The enforcement step highlights how prediction markets are increasingly colliding with national gambling laws, particularly when political events drive rapid inflows of user activity and large volumes of capital.

A fast-growing prediction market meets strict local gambling rules

Polymarket is a prediction market that lets users bet on real-world events such as politics, sports, or other developments by buying shares tied to potential outcomes.

In Portugal, betting on political events and other real-world outcomes is illegal.

Under the country’s 2015 online gambling law, betting is permitted only on sports, casino games, and horse racing.

SRIJ said Polymarket is not authorised to offer betting services in Portugal and cannot legally operate political markets, whether they relate to domestic events or international developments.

The regulator’s 48-hour deadline and what could come next

The regulator’s decision was tied to the surge in election-related betting, with activity around the Portuguese presidential race drawing increased attention.

SRIJ formally ordered Polymarket to quit the country within 48 hours.

However, the platform remains accessible for now, though regulators may soon instruct internet service providers to block access.

Other prediction market platforms, including Kalshi, Myriad, and Limitless, also appear to be accessible in Portugal, even as authorities focus specifically on Polymarket’s licensing status and its political betting markets.

Election-related volume draws fresh scrutiny

The size of the wagering linked to the Jan. 18 vote has put the spotlight on how quickly liquidity can concentrate on political markets.

Rádio Renascença reported that bets exceeded 103 million euros ($120 million), underscoring the scale of the activity on Polymarket tied to Portugal’s presidential election.

Such volumes can draw regulator attention faster than smaller niche markets, especially in jurisdictions where political betting is explicitly restricted.

Polymarket faces bans in 30+ countries

Polymarket was founded in 2020 and has already faced restrictions in more than 30 countries, including Singapore, Russia, Belgium, Italy, and, more recently, Ukraine.

Regulatory approaches vary by jurisdiction. Some countries, such as Belgium, have blacklisted the website.

Others, including France, have limited access so that local users can enter the platform in a “view-only” mode rather than actively participate.

Portugal’s enforcement action adds to that growing list and shows how legal pressure on prediction markets can escalate quickly when platforms gain traction around elections.

The post Portugal orders Polymarket to shut down over election betting surge appeared first on CoinJournal.

On Monday, the New York Stock Exchange (NYSE) unveiled its latest plan to develop a tokenized securities platform, utilizing blockchain technology to facilitate 24/7 stock trading, now seeking regulatory approval.

New Digital Trading Venue At NYSE

According to Monday’s announcement, the proposed digital platform will offer a tokenized trading experience that includes around-the-clock operations, instant settlements, dollar-sized orders, and stablecoin (dollar-pegged cryptocurrencies) funding options. 

By integrating the NYSE’s “advanced Pillar matching engine” with blockchain-based post-trade systems, the firm disclosed that the new platform will support multiple chains for settlement and custody, streamlining the trading process significantly.

Once regulatory approvals are secured, this platform will reportedly create a new venue at the NYSE for trading tokenized shares. These shares will not only be fungible with traditional securities but will also comprise tokens that are issued natively as digital assets. 

Interestingly, tokenized shareholders will retain their rights, including eligibility for dividends and participation in company governance, much like traditional shareholders. The trading venue aims to align with established market structure principles and will provide non-discriminatory access to all qualified broker-dealers.

The launch of this tokenized securities platform is part of the Intercontinental Exchange’s (ICE) broader digital strategy, which includes preparing its clearing infrastructure for continuous trading and potentially integrating tokenized collateral. 

Competition Heats Up

ICE is collaborating with major financial institutions like BNY Mellon and Citigroup to facilitate tokenized deposits across its clearinghouses. This effort will help clearing members manage funds and fulfill margin requirements outside of regular banking hours.

Lynn Martin, President of NYSE Group, emphasized the significance and innovation surrounding this development, stating: 

For more than two centuries, the NYSE has transformed the way markets operate. We are leading the industry toward fully on-chain solutions grounded in unmatched protections and high regulatory standards.

The company’s President further stated that the New York Stock Exchange aims to combine trust with “state-of-the-art technology,” effectively reinventing market infrastructure to meet the evolving demands of a digital future.

Michael Blaugrund, Vice President of Strategic Initiatives at the Intercontinental Exchange, echoed Martin’s sentiment, noting: 

Since its founding, ICE has propelled markets from analog to digital. Supporting tokenized securities is a pivotal step in our strategy to operate on-chain market infrastructure for trading, settlement, custody, and capital formation in the new era of global finance.

In parallel to these developments, the NYSE’s main competitor, Nasdaq, along with the CME Group, has intensified efforts to provide institutional investors with a regulated mechanism to measure cryptocurrency markets. 

They recently reintroduced the Nasdaq Crypto Index, renamed as the Nasdaq-CME Crypto Index (NCI), designed to support products such as exchange-traded funds (ETFs) and structured funds. This move aims to establish clearer rules and governance for index-based cryptocurrency exposure.

Featured image from DALL-E, chart from TradingView.com