Spain Blocks Polymarket and Kalshi, Joining Global Crackdown on Prediction Markets

According to CoinDesk, Spain's Ministry of Consumer Affairs has opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi, ordering internet service providers to block access to both platforms. The Directorate General for Gambling Regulation (DGOJ) ruled that the platforms were offering betting products tied to uncertain future events without the licenses required under Spanish gambling law. Authorities cited a lack of safeguards including identity checks, protections for minors, and systems for self-excluded gamblers. The blocking measures will remain in place for three to four months while proceedings continue. Combined, Polymarket and Kalshi control nearly 88% of the roughly $11 billion in monthly trading volume across top prediction markets, with Kalshi recording $5.9 billion and Polymarket $3.8 billion over the past 30 days, per DeFiLlama data. The move follows similar restrictions in Indonesia, India, Taiwan, Thailand, Ukraine, and multiple European countries.