Brazil has taken a decisive regulatory step against the cryptocurrency and digital derivatives market, announcing a ban on non-financial prediction contracts and shutting down 27 platforms operating in this sector. This move is part of a broader campaign to curb activities that authorities consider disguised gambling.
The decision followed a new decree issued by the National Monetary Council that strictly defines the types of contracts permitted. Any financial derivatives linked to non-economic events such as elections, sports, or entertainment are prohibited, while only contracts linked to clear financial indicators such as interest rates, currencies, and commodities are allowed.
In parallel, authorities moved swiftly to implement the decision. The Telecommunications Commission blocked the websites of 27 platforms, including prominent global platforms like Polymarket and Kalshi, after deeming them to be operating outside the legal framework and offering services akin to gambling.
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