The regulatory grip is suddenly tightening on the crypto ecosystem. This Tuesday, May 26, 2026, Spain officially ordered the blocking of Polymarket and Kalshi on its territory. The General Directorate of Gaming Regulation (DGOJ) accuses the two giants of the predictive market of addressing the Spanish public without holding the obligatory gambling licenses. This shocking decision marks a new stage in the global hunt for these platforms.
In brief
- Spain blocks Polymarket and Kalshi for lack of license.
- The decision has been effective since May 26, 2026 with a procedure lasting 3 to 4 months.
- More than a dozen countries have now restricted access to these leading platforms in the predictive market.
The predictive market in Madrid's crosshairs: immediate blockage and open procedure
On May 26, 2026, the General Directorate of Gaming Regulation (DGOJ), attached to the Spanish Ministry of Social Rights, opened a disciplinary proceedings against Polymarket and Kalshi. They recently announced their entry into crypto perpetual futures.
The investigation was initially sparked by complaints from licensed local gaming operators. Result: regulators ordered the blocking of both market leading predictive platforms as a precaution for Spanish users. The measure will remain in force for the duration of the procedure, estimated at three or four months.
There position of the authorities is clear: in Spain, as in other European jurisdictions, the predictive markets constitute games of chance when bets are placed on uncertain future events. Their operation therefore requires a specific administrative license. However, neither Polymarket nor its American rival Kalshi have the precious key to operating legally in Spain.
Global regulatory contagion?
Spain joins a growing list of countries determined to regulate (or even ban) the predictive market. Via the National Gaming Authority (ANJ), France had already paved the way by initiating similar procedures against Polymarket a few months earlier.
This week, Indonesia blocked Polymarket, classifying it as an illegal online game. The same is true for India as well as other countries, including:
- Brazil;
- Taiwan;
- Thailand;
- China;
- Japan;
- Ukraine;
- Belgium;
- Australia;
- the United Kingdom;
- Germany.
Even on the American side, the situation is also becoming complicated. Members of Congress opened a investigation into Kalshi and Polymarket for suspicion of insider trading. The move comes after reports of suspiciously well-timed bets ahead of US military actions against Iran.
The predictive markets sector is thus entering a zone of unprecedented regulatory turbulence. If other European nations follow in Spain and France, the entire economic and growth model of prediction platforms will have to be reinvented. To be continued…
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