The Korea Communications Standards Commission (KCSC) announced on July 6 that it has decided to hear from the operator of the overseas prediction market platform 'Polymarket' before determining whether to issue a corrective order.

The KCSC's Communications Review Subcommittee held a meeting earlier today and resolved to grant Polymarket an opportunity to state its position before making a final decision on whether to demand corrective measures.

Polymarket is a blockchain-based prediction market platform where users trade 'YES' or 'NO' shares based on the outcomes of various issues, including politics, economy, elections, and sports.

Concerns have been raised that the platform is essentially similar to gambling, as users deposit virtual assets such as USDC—a U.S. dollar-based stablecoin—to participate in trading, earning profits if their predictions are correct and losing the value of their stake if they are wrong.

The KCSC stated, "We decided to provide an opportunity for the company to state its position to thoroughly verify the legality of Polymarket and its service operation methods," adding, "We plan to make a final decision on whether to issue a corrective order after comprehensively reviewing the submitted opinions and related materials."

(Photo: Provided by KCSC, Yonhap News)