Brazil is tightening restrictions on prediction markets, including Polymarket, as part of efforts to block these services.
In a resolution released on Friday, the National Monetary Council ordered these platforms to stop operating in the country, claiming that they were not compliant with federal gambling laws, according to a Bloomberg report.
The move targets companies offering contracts that allow users to speculate on real-world outcomes without owning any underlying asset. Authorities said this kind of activity is risky and does not fit within its financial rules. As a result, access to more than 20 platforms has been restricted.
In Brazil, this decision also affects the country’s main stock exchange, B3 SA, which had been looking into launching similar products.
The restrictions come ahead of Brazil’s presidential election in October, where Luiz Inácio Lula da Silva is expected to face Flávio Bolsonaro. The ban effectively prevents trading on election outcomes through prediction market platforms.
Source: X.com
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