Polymarket is lobbying regulators in the UK, Brussels and several European Union countries in an effort to have its prediction market contracts classified as financial derivatives rather than gambling products, according to the Financial Times. The company wants those contracts brought under financial services rules including MiFID, instead of remaining subject to national gambling laws.
The report said Polymarket has been in contact with the European Securities and Markets Authority, the European Commission and the UK Financial Conduct Authority, while also seeking a license to operate in Europe. The push comes as regulators in several European markets continue to take a strict view of retail prediction markets.
Authorities in the UK, France, Germany and Italy have previously indicated that similar businesses may require gambling licenses. At the same time, Polymarket is raising funds at a valuation of more than $20 billion, the report said.
Polymarket is lobbying regulators in the UK, Brussels and several European Union countries to have its prediction market contracts treated as financial derivatives, according to the Financial Times. The company wants the contracts brought under financial services rules including MiFID, rather than continuing to fall under national gambling laws.
Contacts with European and UK regulators
The report said Polymarket has been in touch with the European Securities and Markets Authority (ESMA), the European Commission and the UK Financial Conduct Authority (FCA). It is also seeking a license in Europe.
Retail prediction markets still face tight scrutiny
Regulators across several European countries still take a strict approach to retail prediction markets. Authorities in the UK, France, Germany and Italy have previously said that such businesses may need gambling licenses.
Fundraising at a valuation above $20 billion
Separately, Polymarket is currently raising funds at a valuation of more than $20 billion, the report said.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
