Lawyer: Buying Polymarket positions may constitute illegal gambling under Korean law
- —Positions on Polymarket are bought with USDC, and payouts depend on the outcome of the event
- —Article 246 of Korea's Criminal Code classifies wagers on chance involving property as gambling
- —In 2015, the Supreme Court did not recognize short bets on currency exchange rates as derivatives
- —On August 18, Korea blocked access to Polymarket due to its gambling nature
Why it matters: The legal assessment of prediction markets in Korea creates risks for users and weighs on the prediction markets sector.
Source: TokenPost