Brazil's Finance Ministry blocked access to prediction market platforms Thursday, targeting major platforms like Polymarket and Kalshi that traders use to bet on outcomes.
Finance Minister Dario Durigan said the platforms violated betting regulations approved by the Brazilian Congress, and that prediction markets weren't legal or regulated in the country. He added that blocking them would protect citizens' savings amid government efforts to reduce debt levels.
“We have advocated for stricter enforcement and very rigorous regulation, which will continue to advance, so that we can curb the negative externalities and social harm that unregulated gambling causes to the Brazilian population,” Durigan said.
Chief of Staff Miriam Belchior said the measure aims to "protect income, prevent financial losses, and reduce families' exposure to unsafe practices."
