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Brazil's Ministry of Finance has officially blocked 28 betting platforms, citing breaches of regulations approved by Congress. The ban specifically targets major international entities, including Polymarket and Kalshi, as part of a crackdown on unauthorized prediction markets. Finance Minister Dario Durigan announced the move to curb financial products characterized as 'bet-like' instruments. Under the new regulatory framework, Brazilian authorities have classified many prediction market contracts as gambling instruments, serving as the legal basis for the restrictions. In addition to the ban, authorities have tightened rules governing financial derivatives to ensure a clear distinction between legitimate investments and gambling tools. These measures aim to protect the financial system from unregulated activities that bypass existing legal frameworks. The decision underscores Brazil's commitment to strengthening financial transparency and maintaining strict control over the derivatives market.
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