Polymarket is accessible in Botswana — the platform does not geoblock Botswana IP addresses. Botswana stands out in African crypto regulation as the first country in the region to license crypto businesses, with the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) supervising virtual asset service providers under the Virtual Assets Act. Here’s what Botswana users need to know about using Polymarket.
Current Status: Accessible
Botswana is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Botswana IP addresses, and users can sign up, deposit, and trade on all available markets.
Crypto adoption in Botswana is still relatively small — an estimated 1% of the population holds crypto — but the country has built a genuinely forward-looking regulatory framework. Botswana became the first country in Africa to issue virtual asset licenses through NBFIRA, with several licensed entities operating under its supervision. Bitcoin and other crypto are legal (though not legal tender; the Pula is Botswana’s currency).
Like most jurisdictions, Botswana’s laws don’t specifically contemplate crypto-based prediction markets, so Polymarket operates in a legal grey area. There is no record of enforcement against Botswana Polymarket users.
The Legal Landscape
The Virtual Assets Act and NBFIRA
Botswana was an early mover in African crypto regulation. The Virtual Assets Act (Act No. 3 of 2022) established a licensing regime for virtual asset service providers and issuers of initial token offerings, overseen by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). Botswana became the first African country to issue crypto licenses under this framework, and several licensed entities now operate in the country.
In 2025 the framework was updated with a new Virtual Assets Act (Act No. 4 of 2025), which replaced the 2022 law and continues to regulate the sale and trade of virtual assets, the licensing of VASPs, and token issuance. NBFIRA has also published Virtual Assets Regulations laying out conduct and anti-money-laundering requirements for licensed businesses.
The Bank of Botswana
The Bank of Botswana, the country’s central bank, has taken a cautious stance on crypto for the financial system. It has made clear that cryptocurrencies are not legal tender and are not guaranteed by the state, and it had earlier discouraged commercial banks from directly handling virtual assets. That caution applies to the banking system rather than to individuals using overseas platforms, so it does not stop residents from accessing exchanges or Polymarket.
Gambling Laws
Botswana regulates gambling under the Gambling Act of 2012, which established the Gambling Authority to license and supervise casinos, sports betting, and, since around 2024, online betting. The Act focuses on licensed gambling operators and does not specifically address decentralized prediction markets like Polymarket.
Prediction markets fall into an unregulated gap: they are not a licensed gambling product under the Gambling Act, nor are they a regulated virtual asset service under the Virtual Assets Act. As with other jurisdictions, there is no explicit ban and no enforcement against individual users.
AML Requirements
Licensed virtual asset businesses in Botswana are subject to anti-money-laundering and counter-terrorist financing obligations under NBFIRA’s supervision. These requirements apply to exchanges and service providers, not to individual users of overseas platforms like Polymarket.
How to Deposit from Botswana
Botswana has no dedicated local fiat-to-crypto exchange, so the most practical route is to buy USDC on a global exchange using P2P trading or a card, then transfer it to Polymarket.
Step 1: Buy USDC on an Exchange
| Exchange | P2P (BWP) | Card | Bank Transfer | Notes |
|---|---|---|---|---|
| Binance | Yes | Yes | Limited | World’s largest exchange; P2P supports Botswana Pula |
| OKX | Yes | Yes | Limited | Low fees; P2P supports BWP |
| Kraken | No | Yes | Via card | Advanced platform; international card funding |
Deposit Methods Explained
P2P (Peer-to-Peer) in Botswana Pula: There is no direct bank-wire rail into these exchanges from Botswana, so P2P is the most practical method. On Binance or OKX, you can buy USDC (or another asset) from a local seller and pay in Pula using a local transfer or mobile-money-adjacent method. P2P uses platform escrow to protect both sides. This is the recommended deposit method for Botswana users.
Debit/Credit Card: Binance, OKX, and Kraken all accept international debit/credit cards. Card purchases are convenient but typically carry higher fees than P2P.
Step 2: Transfer USDC to Polymarket
- Go to Deposit on Polymarket
- Select Use Crypto and copy your deposit address
- Send USDC from your exchange to the Polymarket address
- Choose Polygon for the lowest fees ($3 minimum, arrives in seconds)
For the full walkthrough, see our How to Deposit on Polymarket guide.
Tax Implications
Botswana has one of the more straightforward tax frameworks for crypto in Africa, because it does not impose a capital gains tax.
No Capital Gains Tax
Botswana has no capital gains tax. Gains from selling crypto that you held as a personal investment are generally not taxed, and there is no separate capital gains reporting requirement for such holdings.
Income Tax on Trading
The key distinction is intention. If you trade crypto frequently or in a way that resembles running a business, BURS (Botswana Unified Revenue Service) may treat your profits as business income subject to ordinary income tax. Botswana’s individual income tax is progressive, with rates rising to a top rate of 25% for higher earners. Trading profits can also fall under broader income-tax provisions, so active traders should keep careful records.
Reporting Requirements
- Crypto trading or business income must be declared on your income tax return to BURS
- Botswana has no dedicated crypto tax form, so report under the relevant income categories
- Keep detailed records of purchase prices, sale prices, dates, and fees for any taxable activity
- There is no withholding on foreign platform profits — you are responsible for self-reporting
What You Don’t Pay
- No capital gains tax on crypto held as a personal investment
- No specific crypto surcharge — standard income tax rules apply
- Keep the general framework in mind: because the law is not crypto-specific, professional tax advice is recommended for larger or active positions [general guidance].
Getting Started
If you’re in Botswana and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on Binance via P2P in Botswana Pula, or with a debit/credit card
- Deposit on Polymarket — transfer USDC via Polygon
- Place your first trade — start with a small amount
- Use limit orders to avoid taker fees — only taker orders pay fees on Polymarket
Related Guides
- How to Sign Up for Polymarket — Create your account
- How to Deposit on Polymarket — Full deposit guide
- How to Trade on Polymarket — Market orders, limit orders, and tips
- Polymarket Fees Explained — Fee breakdown by category