Brazil's National Monetary Council has issued a resolution banning non-financial prediction markets, effective April 24, as part of efforts to combat illegal gambling. The resolution, No. 5,298, prohibits derivative contracts related to non-financial events such as sports, political, and cultural events. This move targets international platforms like Polymarket and Kalshi, which are seen as reproducing fixed quota bets already regulated in Brazil. Finance Minister Dario Durigan emphasized that Brazil has clear regulations for fixed-odds betting and will not tolerate operations outside this framework. The Ministry of Finance plans to block these platforms starting May 4, treating them as illegal gambling schemes. Brazil joins Argentina and Colombia in banning such platforms, aligning with some U.S. states that classify prediction markets as gambling.
Brazil Bans Non-Financial Prediction Markets to Curb Illegal Gambling
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