Prediction market platforms are accelerating their push into major Asian countries, but unclear legal definitions and strict gambling regulations are becoming obstacles to growth, Cointelegraph reported on Friday.
Asia has emerged as a market the industry cannot ignore despite regulatory risks, driven by its size, active retail investor participation and a lack of local alternatives.
The pattern is similar to the early days of cryptocurrencies, when technology moved faster than regulation and exchanges entered the market before clear rules were set. Major platforms have expanded using an approach of "better to ask forgiveness than permission."
Polymarket has already surpassed $1 billion in weekly trading volume and has begun offering Chinese-language support. New platform PredicXion is seeking to attract users by focusing on local events.
India and China have no specific regulatory framework for blockchain-based prediction markets. South Korea is seen as one of the most active retail crypto markets. Hee-chang Kang (강희창), co-founder of research firm Four Pillars, said prediction markets could be a big opportunity in South Korea, but many prediction market platforms are struggling to attract users.
Chi-gyu Hwang
delight@d-today.co.kr