PANews reported on May 22 that, according to Bloomberg, the Korea Communications Standards Commission has launched a formal review of the prediction market platform Polymarket to assess whether it provides illegal gambling content and whether its services constitute gambling and violate domestic laws. South Korea's current anti-gambling law limits gambling to state-authorized institutions such as horse racing and sports betting. Prediction market platforms like Polymarket argue that they do not set odds, and prices are determined by user-generated contracts, therefore they should not be considered gambling. Currently, the platform has launched several transactions related to the results of South Korea's June local elections, allowing users to bet with crypto assets. The report also states that Polymarket has encountered regulatory restrictions in several countries during its global expansion and recently appointed a local representative in Japan for its future application for a Japanese license.