Prediction markets such as Polymarket face strict regulation in Australia; ASIC confirms it has received no applications to operate

According to TechFlow, on October 29, citing Bloomberg, Australian Securities and Investments Commission (ASIC) Chair Sarah Court said at a parliamentary hearing that the agency has not received any applications from prediction market operators. Prediction market platforms such as Polymarket may face strict regulation in Australia, and any applications for operating licenses would also face rigorous scrutiny.

Sarah Court noted that the trading mechanisms of prediction markets are similar to binary options, which have been banned in Australia, featuring all-or-nothing outcomes, and that the underlying assets are often unrelated to investment or financial markets. Although Australian users can directly access relevant overseas platforms, they are not protected by local financial regulation and may find it difficult to obtain measures such as dispute resolution and client fund protections.

Source: TechFlow