#SpainBlocksPolymarketKalshi The Spanish Ministry of Consumer Rights has temporarily banned the so-called prediction markets Polymarket and Kalshi from operating in the country without a gaming license, as reported on Tuesday by the Official State Bulletin.
In a statement, the ministry noted that its gaming regulatory body has opened an investigation into the US-based companies for allegedly violating local regulations by lacking the mandatory administrative authorization.
The ban is expected to last around three to four months, until the investigation is concluded.
Users of prediction markets buy and sell bets on the outcomes of future events, with prices reflecting the probability of one outcome versus another.
Spain, like other European jurisdictions, views prediction markets as a form of gambling when betting on uncertain outcomes.
Despite the Spanish government's stance, generating potential uncertain outcomes is part of everyday life, and as a side note, I can tell you that betting has been around for several centuries, making it very difficult for it to completely disappear. $BTC
In a statement, the ministry noted that its gaming regulatory body has opened an investigation into the US-based companies for allegedly violating local regulations by lacking the mandatory administrative authorization.
The ban is expected to last around three to four months, until the investigation is concluded.
Users of prediction markets buy and sell bets on the outcomes of future events, with prices reflecting the probability of one outcome versus another.
Spain, like other European jurisdictions, views prediction markets as a form of gambling when betting on uncertain outcomes.
Despite the Spanish government's stance, generating potential uncertain outcomes is part of everyday life, and as a side note, I can tell you that betting has been around for several centuries, making it very difficult for it to completely disappear. $BTC