Polymarket has been speaking with regulators in the European Union and the UK to persuade them to treat it as a financial services group, according to the Financial Times.
MiFID, or Markets in Financial Instruments Directive, is the EU law with standardized rules for investment services.
Spain blocked both Polymarket and Kalshi in the country back in May, while it investigates their legality to operate without a gambling license.
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Summarized version
Spain blocked both Polymarket and Kalshi in the country back in May. Within just the past few months, a Google employee, three political candidates and a White House staff member were caught trading on insider information on the platforms.
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The article, shortened and in plain language
It wants to be treated as a financial services platform.
Polymarket has been speaking with regulators in the European Union and the UK to persuade them to treat it as a financial services group, according to the Financial Times. Polymarket, if you're not familiar with it, is a "prediction market" website that offers users a way to bet on the outcome of future real-world events, including elections, sports matches and tournaments, box office openings and even international conflicts.
MiFID, or Markets in Financial Instruments Directive, is the EU law with standardized rules for investment services. EU nations have different gambling laws, which would make it difficult for Polymarket to operate in the region.
Spain blocked both Polymarket and Kalshi in the country back in May, while it investigates their legality to operate without a gambling license. In July, France ordered ISPs to block locals' access to Polymarket in its country.
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