Brazil Bans 27 Prediction Market Platforms, Including Kalshi and Polymarket as Illegal

According to Cointelegraph, Brazilian authorities have announced a ban on 27 prediction market platforms, including Kalshi, Polymarket, PredictIt, Robinhood (prediction feature), and Fanatics Markets. The ban, led by the Ministry of Finance and enforced by the National Telecommunications Agency (Anatel), is based on Resolution No. 5.298 issued by the Brazilian National Monetary Council (CMN) and will officially take effect in early May. The new regulations explicitly prohibit prediction contracts linked to sports, politics, entertainment, or social events, deeming their nature closer to gambling rather than financial investment; only contracts linked to economic indicators such as inflation, interest rates, exchange rates, and commodity prices will be allowed. Dario Durigan, the executive secretary of the Ministry of Finance, stated that prediction markets could exacerbate debt burdens for households and small to medium-sized enterprises, posing financial risks. Currently, several countries, including France, Belgium, and the Netherlands, have implemented similar restrictions.

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