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Polymarket in Brazil (2026) | Blocked — What the April 24 Resolution Means

Brazil's National Monetary Council blocked Polymarket on April 24, 2026 alongside 26 other prediction market sites. Full breakdown of the resolution, the B3 carve-out, and what it means for Brazilian users.

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On April 24, 2026, Brazil’s National Monetary Council (CMN) issued a resolution blocking Polymarket alongside 26 other prediction market sites. Finance Minister Dario Durigan announced the move at a press conference in Brasília, casting it as part of a broader effort to protect Brazilians’ savings and curb the social harm of unregulated gambling.

Brazil now joins France, Hungary, and Portugal in formally restricting Polymarket on gambling-law grounds.

What the Resolution Bans

The CMN resolution prohibits the trading of derivatives whose underlying assets are linked to:

  • Sporting events — match outcomes, player performance, tournament winners
  • Online gambling — generally
  • “Real or virtual events of a political, electoral, social, cultural or entertainment nature” — this is the catch-all that captures election markets, geopolitical bets, awards-show wagers, and similar contracts that make up the majority of Polymarket’s volume

A total of 27 sites were blocked for offering what the government called “illegal betting.” Polymarket and Kalshi were both named.

“We have advocated for stricter enforcement and very rigorous regulation, which will continue to advance, so that we can curb the negative externalities and social harm that unregulated gambling causes to the Brazilian population.” — Dario Durigan, Finance Minister

The B3 Carve-Out

Unlike the outright bans in France, Hungary, and Portugal, Brazil’s resolution carved out an allowance for one category: contracts tied to economic-financial benchmarks may still be permitted, at the discretion of CVM (Comissão de Valores Mobiliários), the country’s securities regulator.

This protects an existing pipeline. B3, Brazil’s main stock exchange, will launch six new contracts on April 27, 2026, tied to:

  • The Ibovespa equity index
  • The Brazilian real
  • Bitcoin

B3 had also studied expanding into event-based contracts including election markets, and previously sought a legal opinion on whether Brazilian law allows contracts tied to electoral outcomes. The new resolution explicitly closes that door — election bets are prohibited, including any product that might have been introduced ahead of the country’s October presidential race between Lula and Senator Flavio Bolsonaro.

How the Block Was Built

The April 24 resolution didn’t appear out of nowhere. The pressure had been building for months:

  • February 2026: Brazilian betting industry bodies (IBJR and ANJL) formally asked the SPA (Secretariat of Prizes and Bets) to block Polymarket and Kalshi. They argued the platforms were offering unlicensed betting in direct competition with the regulated sportsbook market.
  • March 9, 2026: The SPA issued an official warning that no company was authorized to operate prediction markets in Brazil.
  • April 24, 2026: The CMN — which includes members of the government and the central bank — issued the binding resolution. CVM was tasked with issuing additional regulations and overseeing enforcement.

Industry Response

Polymarket has not yet publicly responded to the resolution. A spokesperson for Kalshi — which was co-founded by a Brazilian and recently announced plans to expand into the country — said the company is reviewing the resolution.

Brazil is now part of a growing list of countries treating prediction markets as gambling for legal purposes. State regulators in the US have made similar arguments, though the federal Commodity Futures Trading Commission (CFTC) has pushed back in court.

What This Means for Brazilian Users

If you previously used Polymarket from Brazil, the practical situation has changed:

  • Existing balances: If you have funds on Polymarket, the resolution targets the platforms, not retroactive criminalization of users. But you should review your situation with a qualified Brazilian tax/legal advisor before moving funds.
  • Tax obligations remain: Brazilian crypto tax rules (15-22.5% progressive) apply to past trading activity regardless of the platform’s current status. Stablecoin transactions are classified as foreign exchange operations under late-2025 BCB rules and may have additional reporting requirements.
  • Access: Like France, Hungary, and Portugal, Brazil’s block targets the platforms within Brazilian jurisdiction. Users in restricted countries have historically taken their own routes to remain on Polymarket — that’s a personal decision and we won’t walk you through the legal calculus.

If you’re looking for legal alternatives that operate within Brazilian regulation, the B3 contracts launching April 27 are the closest equivalent for economic and currency exposure.

The Three Brazilian Regulators in Play

For context on how the block was constructed and where future enforcement will sit:

CMN (National Monetary Council)

  • Issued the April 24, 2026 resolution
  • Includes representatives from the government and the central bank
  • Sets the binding policy

CVM (Securities Commission)

  • Now tasked with enforcement and issuing additional regulations
  • Holds discretion over the economic-financial benchmark carve-out
  • Already approved B3’s initial prediction-style derivatives in February 2026

SPA (Secretariat of Prizes and Bets)

  • Issued the March 9, 2026 warning that no prediction market operator was authorized
  • Originally received the IBJR/ANJL complaint in February 2026
  • Regulates the broader sports-betting and gambling market

The BCB (Central Bank) continues to govern crypto/stablecoin compliance separately under Marco Legal das Criptomoedas — that framework wasn’t changed by this resolution.

Tax Considerations (Still Apply)

TaxRateDetails
Crypto gains15-22.5%Progressive rates based on monthly gains
Foreign exchangeAdditional reportingUSDC transactions classified as FX operations since late 2025
Travel RuleN/AApplies to all virtual asset transfers regardless of amount

Keep records of all past deposits, trades, and withdrawals. The block doesn’t erase tax history.

Frequently Asked Questions

Is Polymarket available in Brazil?
No. On April 24, 2026, Brazil's National Monetary Council (CMN) issued a resolution banning prediction markets tied to elections, sports, and other events. Finance Minister Dario Durigan confirmed Polymarket was among 27 sites blocked for offering what the government called 'illegal betting'.
When was Polymarket blocked in Brazil?
On April 24, 2026, Brazil's National Monetary Council issued a resolution blocking 27 prediction market sites including Polymarket and Kalshi. Finance Minister Dario Durigan announced the move at a press conference in Brasília.
Why did Brazil block Polymarket?
The government framed the block as protecting Brazilians' savings and addressing rising household debt, which President Lula has linked partly to online gambling. The CMN resolution prohibits derivatives whose underlying assets are tied to sporting events, online gambling, and 'real or virtual events of a political, electoral, social, cultural or entertainment nature'.
Are any prediction markets still legal in Brazil?
The resolution carved out an allowance for contracts tied to economic-financial benchmarks, which may still be permitted at the discretion of CVM, the country's securities regulator. B3, Brazil's main stock exchange, will launch six contracts on April 27 tied to the Ibovespa equity index, the Brazilian real, and Bitcoin.
Is Polymarket legal in Brazil?
No. The April 24, 2026 resolution issued by the National Monetary Council classifies prediction markets like Polymarket as illegal betting. CVM has been tasked with issuing additional regulations and overseeing enforcement.
Do I need to pay taxes on past Polymarket profits in Brazil?
Yes. Crypto gains in Brazil are subject to progressive tax rates from 15% to 22.5% depending on the amount. The NTAA 2025 (effective January 2026) integrates the digital economy into Brazil's tax net. Stablecoin transactions are classified as foreign exchange operations. Past trading activity remains taxable regardless of the platform's current legal status.