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Automatically translated version. May contain inaccuracies compared to the original.
Polymarket is trying to obtain financial, not gambling, regulation in Europe
🔹Polymarket is negotiating with European and British regulators to have its prediction markets classified as financial instruments. In that case, the platform would be subject to financial market rules, including the MiFID directive, rather than national gambling laws.
🔹Company representatives have already met with ESMA, the European Commission, and the UK FCA in London, Brussels, and individual EU countries. This is important for Polymarket because there is no unified approach to regulating prediction markets in Europe.
🔹At the same time, financial status would not mean a complete absence of restrictions. ESMA has noted that certain event-result contracts could fall under rules for binary options, which are prohibited from being offered to retail clients.
🔹Polymarket has already encountered gambling regulation in France. In July, local ISPs were ordered to block access to the platform due to violations of gambling legislation. The company said it intends to challenge that decision.
🔹In September Polymarket also joined Brussels-based Blockchain for Europe, which deals with regulation of blockchain technologies and digital assets.
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