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Polymarket, which has become popular in the US, enables users to wager on a variety of events—from sports matches and election outcomes to central bank actions and Academy Award winners.
The report states that Polymarket is conducting discussions with regulators in London, Brussels, and various other European capitals. The company contends that its agreements ought to be categorized as financial derivatives instead of wagers, and should thus be overseen by comprehensive EU financial market legislation rather than separate gambling laws from various countries.
Nonetheless, as the FT states, European officials are still doubtful. The European Securities and Markets Authority (ESMA) has cautioned that prediction markets are "full of insider trading," whereas the UK's Financial Conduct Authority (FCA) considers these contracts to be speculative and similar to gambling.
source: ft.com
The report states that Polymarket is conducting discussions with regulators in London, Brussels, and various other European capitals. The company contends that its agreements ought to be categorized as financial derivatives instead of wagers, and should thus be overseen by comprehensive EU financial market legislation rather than separate gambling laws from various countries.
Nonetheless, as the FT states, European officials are still doubtful. The European Securities and Markets Authority (ESMA) has cautioned that prediction markets are "full of insider trading," whereas the UK's Financial Conduct Authority (FCA) considers these contracts to be speculative and similar to gambling.
source: ft.com
