"The National Monetary Council of Brazil has published a resolution that issues a blanket ban on prediction market contracts related to non-financial underlying events. Resolution No. 5,298, issued on April 24, established that derivative contracts related to real sporting events, virtual online gaming events, or real or virtual events of a political, electoral, social, cultural, or entertainment nature are prohibited in the country."
"The measure comes after a Technical Note from the Secretariat of Prizes and Betting (SPA), Brazil's gambling watchdog, considered that prediction market platforms simply reproduce the essential elements of fixed quota bets. Dario Durigan, Brazil's Finance Minister, stressed that existing regulations were in place for betting platforms."
On April 24, Brazil's National Monetary Council issued Resolution No. 5,298, banning non-financial prediction markets. This includes contracts related to sporting events, political events, and entertainment. The resolution allows derivatives tied to economic and financial benchmarks. The ban aims to combat illegal gambling, as these platforms replicate fixed quota bets. The Ministry of Finance may block these sites, similar to previous actions against illegal gambling operations. Brazil becomes the third Latin American country to implement such a ban.
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