As per PANews, Polymarket, a blockchain-based prediction market platform, has raised legal concerns among Chinese users. The article analyzes whether Polymarket's operations could be classified as gambling under Chinese criminal law. It explains that Polymarket allows users to bet on uncertain future events using stablecoins like USDC, and that such activities may meet the legal definition of gambling, including the use of real assets and the presence of winners and losers. The article also highlights potential criminal and administrative risks for users, including charges under gambling-related offenses and possible political risks from betting on political figures or events. Legal experts warn that while most users may not face direct consequences, the risk remains significant, especially for those involved in promotion or operation.
Polymarket Predictive Market Risks Under Chinese Law
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