Svmuureports that the General Directorate for Gambling Regulation (DGOJ), under Spain's Ministry of Consumer Affairs, has ordered internet service providers to temporarily block access to prediction market platforms Polymarket and Kalshi.
Regulators believe that the two platforms, without obtaining Spanish gambling licenses, offer local users prediction trading products based on the outcomes of future events, which may violate local gambling laws. Spanish authorities stated that unlicensed platforms lack necessary consumer protection measures such as identity verification, minor protection, and self-restriction mechanisms.
According to reports, the related investigation is expected to last 3 to 4 months. During the investigation period, Spanish users will see a risk warning when accessing the relevant websites. Regulatory authorities may subsequently adopt measures such as fines, permanent restrictions, or requiring the platforms to apply for local licenses. (crowdfundinsider)