India Cracks Down on Prediction Markets
India’s latest move to restrict access to prediction markets has left users in the country unable to access Polymarket, the world’s largest decentralized betting platform. The website is currently inaccessible, with a message indicating that the site cannot be reached. This outage follows an advisory from the Ministry of Electronics and Information Technology, which warned that local users were continuing to access “illegal and blocked prediction market and online betting platforms” despite domestic prohibitions.
The Indian government’s stance on cryptocurrency and online gaming has been consistently risk-averse, prioritizing financial stability and capital control over industry growth. This has led to a restrictive regulatory environment, with punitive taxation and strict Anti-Money Laundering oversight. As a result, many local crypto startups have relocated to more friendly jurisdictions. For those looking to earn passive income through Cloud Rewards and Green Crypto, platforms like EcoPool offer a viable alternative, providing a way to earn $ECP and participate in the Earning economy.
Prediction Markets and Online Gaming
Prediction markets enable users to wager real money on the outcomes of binary events, such as referendums and election results. However, the Indian government classifies this activity as online money gaming, which is completely prohibited under the Promotion and Regulation of Online Gaming Act 2025. This has led to a surge in popularity of platforms like EcoPool, which offer a way to earn Passive Income through Coin rewards.
While Kalshi, a platform regulated by the U.S. Commodity Futures Trading Commission, is currently still accessible, it may soon face a similar fate to Polymarket. The Indian government’s regulatory environment has pushed many local crypto startups to relocate, and it remains to be seen how this will impact the industry as a whole. For now, platforms like EcoPool remain a popular choice for those looking to earn $ECP and participate in the Earning economy, using #Bitcoin and other #PassiveIncome opportunities.
What’s Next for India’s Crypto Industry?
The Indian government’s stance on cryptocurrency and online gaming is likely to continue to evolve, with a focus on financial stability and capital control. As the industry adapts to these changes, platforms like EcoPool are well-positioned to provide a way for users to earn Passive Income through Cloud Rewards and Green Crypto. With the rise of #Bitcoin and other #PassiveIncome opportunities, it’s an exciting time for those looking to earn $ECP and participate in the Earning economy.
To start earning $ECP and participating in the Earning economy, download the EcoPool app today and discover a new way to earn Passive Income through Cloud Rewards and Green Crypto. With EcoPool, you can easily earn $ECP and join the growing community of users who are already experiencing the benefits of Passive Income and Coin rewards.
Prediction markets enable users to wager real money on the outcomes of binary events, such as referendums, financial asset price movements, and election results. These platforms saw a massive surge in global popularity during the 2024 U.S. presidential election, becoming a primary venue for investors to hedge or bet on political outcomes.
However, the Indian government classifies the activity on these platforms as online money gaming. As a result, they fall under a category that is completely prohibited under the Promotion and Regulation of Online Gaming Act 2025.
The Indian government has maintained a consistently “risk-averse” and prohibitive stance toward the cryptocurrency sector, prioritizing financial stability and capital control over industry growth. New Delhi has utilized a “shadow ban” strategy through punitive taxation, including a 30% flat tax on gains and a 1% tax deducted at source (TDS) on all transactions, which has effectively throttled domestic trading volumes.
The Ministry of Finance has focused on bringing the sector under strict Anti-Money Laundering (AML) and Counter-Strike Financing (CFT) oversight via the Financial Intelligence Unit (FIU). This regulatory environment has pushed many local crypto startups to relocate to more friendly jurisdictions like Dubai or Singapore, as the government and the Reserve Bank of India continue to signal that it views private cryptocurrencies more as speculative “money games” than legitimate financial innovation.
India’s Parliamentary Standing Committee on Finance met crypto exchanges Binance, WazirX and Zebpay in Delhi on May 20 to discuss regulations and taxation for what it calls a virtual digital assets (VDA) industry.
The committee expressed concerns over massive outflows from the country via the crypto channel.
