FT: Polymarket seeks recognition as financial corporation in Europe
Polymarket has launched a lobbying campaign in Europe and the UK, according to the Financial Times (FT). According to the newspaper, Polymarket wants to ensure that its activities are regulated by the rules of financial corporations, not betting companies.
Polymarket has launched a lobbying campaign in Europe and the UK, according to the Financial Times (FT). According to the newspaper, Polymarket wants to ensure that its activities are regulated by the rules of financial corporations, not betting companies.
Polymarket, which has become popular in the United States, allows users to bet on a variety of events, from sports competitions and election results to central bank decisions and Oscar winners.
Polymarket is holding meetings with regulators in London, Brussels and other European capitals. The company insists that its contracts should be considered derivatives, not bets, and regulated in accordance with basic EU legislation for financial markets, rather than the laws of individual countries governing gambling.
However, according to the FT, European officials are skeptical. The European Securities and Markets Authority (ESMA) has warned that forecast markets are "full of insider trading," and the UK Financial Conduct Authority (FCA) considers such contracts speculative and gambling-like.
Ekaterina Naumova
