TechPolymarket reportedly seeks financial regulation instead of gambling rules in Europe
Engadget, citing the Financial Times, reports that Polymarket is lobbying EU and UK regulators for financial-services status, hoping the change could help overturn bans in Spain and France.
TLDR
Engadget, citing the Financial Times, reports that Polymarket has approached the European Commission and EU securities regulator ESMA about regulation under MiFID, the EU’s investment-services rules. Company representatives also reportedly met with the head of the UK’s Financial Conduct Authority. Financial classification would not automatically give Polymarket unrestricted access to European retail customers, crypto.news notes. And Engadget says the FCA has previously said prediction markets offering trades on political outcomes and sports would fall under the Gambling Commission’s authority.
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Polymarket reportedly seeks financial regulation instead of gambling rules in Europe
Engadget, citing the Financial Times, reports that Polymarket is lobbying EU and UK regulators for financial-services status, hoping the change could help overturn bans in Spain and France.
TLDR
Engadget, citing the Financial Times, reports that Polymarket has approached the European Commission and EU securities regulator ESMA about regulation under MiFID, the EU’s investment-services rules. Company representatives also reportedly met with the head of the UK’s Financial Conduct Authority. Financial classification would not automatically give Polymarket unrestricted access to European retail customers, crypto.news notes. And Engadget says the FCA has previously said prediction markets offering trades on political outcomes and sports would fall under the Gambling Commission’s authority.