TechFlow news, May 22: According to Bloomberg, South Korea’s Korea Communications Standards Commission has launched a formal investigation into prediction market platform Polymarket to determine whether it offers illegal gambling content and violates South Korean law. The report notes that local elections will be held in South Korea in June, and several Polymarket trading markets related to election outcomes have already emerged, enabling users to place bets on results using crypto assets. South Korea enforces strict anti-gambling regulations, permitting only government-licensed forms of gambling such as horse racing and sports betting. Polymarket previously stated that its market prices are formed through participant trading and that the platform itself does not set odds.
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