India's crackdown on prediction markets has intensified, with Polymarket, a leading decentralized platform, now inaccessible to users in the country. This follows a directive from the Ministry of Electronics and Information Technology (MeitY), which mandated internet service providers to block access to certain betting platforms. Reports suggest that Kalshi, a U.S.-regulated prediction market, may soon face similar restrictions. The Indian government has classified prediction markets as illegal online money gaming, falling under the Promotion and Regulation of Online Gaming Act 2025. This regulatory stance reflects India's broader risk-averse approach to the cryptocurrency sector, prioritizing financial stability over industry growth. The government has imposed punitive taxes on crypto transactions, including a 30% flat tax on gains and a 1% tax deducted at source, effectively stifling domestic trading. As a result, many local crypto startups are relocating to more favorable environments like Dubai and Singapore. The Parliamentary Standing Committee on Finance has also expressed concerns about significant capital outflows via cryptocurrency channels, indicating ongoing scrutiny of the virtual digital assets (VDA) industry in India.