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Polymarket in Cyprus (2026) | Accessible — How to Deposit, Legal Status & Tax Guide

Polymarket is accessible in Cyprus. Learn how Cypriot users deposit using EUR via SEPA, understand Cyprus's new 8% crypto tax that took effect in January 2026, and the prediction market legal landscape.

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Polymarket is accessible in Cyprus — the platform does not geoblock Cypriot IP addresses. Cyprus is one of the EU’s most crypto-friendly jurisdictions, a fintech and investment hub that taxes crypto gains at a flat 8% since January 2026, and where eurozone users can deposit easily via SEPA. Here’s what Cypriot users need to know about using Polymarket.

Current Status: Accessible

Cyprus is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Cypriot IP addresses, and Cypriot users can sign up, deposit, and trade on all available markets.

Cyprus is a small but enthusiastic crypto market. As an EU member state it has embraced digital assets — the Lisbon-based and EU-wide regulatory regime applies, and Cyprus hosts a notable number of licensed investment and fintech firms. There is no indication that Cypriot authorities target or block decentralized prediction platforms.

The legal landscape for prediction markets in Cyprus sits in a grey area. Cyprus permits online betting through its Betting Law, but decentralized, crypto-based prediction platforms fall between the betting framework and EU crypto regulation without being expressly covered. There is no record of enforcement against Cypriot Polymarket users.

Crypto Regulation: CySEC and MiCA

Cyprus’s financial regulator is the Cyprus Securities and Exchange Commission (CySEC). Cryptocurrency is legal in Cyprus but is not legal tender — businesses are not required to accept it. CySEC oversees the licensing and supervision of crypto-asset service providers (CASPs) under the EU’s Markets in Crypto-Assets Regulation (MiCA), which applies across the EU.

  • CySEC — authorizes and supervises CASPs operating in Cyprus
  • Central Bank of Cyprus — oversees payment and monetary aspects of the financial system
  • Under MiCA, crypto-asset service providers must be licensed; the framework is harmonized across all EU member states

MiCA regulates crypto businesses rather than individual users of overseas platforms. Individual Cypriots using a platform like Polymarket are not required to hold a licence.

The Betting Law (37(I)/2019)

Cyprus’s gambling framework is built on the Betting Law 37(I)/2019, replacing the earlier 2012 Betting Law. It is supervised by the National Betting Authority (NBA), which issues licences for both land-based and online betting.

Key points for prediction markets:

  • Only online betting is permitted in Cyprus — online casino gambling generally is not
  • The Betting Law regulates betting on sports and on events involving human skill or competition
  • Online casino games are prohibited, distinguishing Cyprus from many other EU states

Prediction markets are not specifically addressed by the Betting Law. A decentralized, crypto-based platform like Polymarket, where users trade event outcome contracts, occupies an unregulated gap between the betting framework and crypto law. There is no express authorization or prohibition targeting such platforms.

How to Deposit from Cyprus

Because Cyprus uses the euro and is part of the SEPA payment zone, funding your exchange account is straightforward.

Step 1: Buy USDC on an Exchange

ExchangeSEPA (EUR)CardNotes
BinanceYesYesGlobal leader; EUR deposits via SEPA bank transfer
BybitYesYesLow fees; SEPA EUR on-ramp available
CoinbaseYesYesRegulated in multiple EU markets; SEPA EUR deposits

Deposit Methods Explained

SEPA (Single Euro Payments Area): As a eurozone member, Cyprus is fully covered by SEPA, the standard for euro-denominated bank transfers across the EU. SEPA transfers to a major exchange are typically fast and low-cost, making this the recommended way to fund your account in EUR before converting to USDC.

Card payments: All major exchanges accept debit and credit cards for EUR purchases, though fees are typically higher than bank transfers.

Step 2: Transfer USDC to Polymarket

  1. Go to Deposit on Polymarket
  2. Select Use Crypto and copy your deposit address
  3. Send USDC from your exchange to the Polymarket address
  4. 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

Cyprus’s crypto tax treatment changed at the start of 2026. Historically one of the most crypto-friendly regimes in Europe, Cyprus introduced a dedicated crypto tax effective from 1 January 2026.

The 8% Crypto Tax (Article 20E, from 2026)

Since 1 January 2026, profits from the disposal of crypto assets in Cyprus — including sale, exchange, donation, or use as payment — are subject to a flat 8% tax. This applies to gains from qualifying crypto-asset disposals under Article 20E of the Income Tax Law.

  • Before 1 January 2026, crypto capital gains for individuals were generally exempt from tax (Cyprus has no general capital gains tax on shares or crypto)
  • Profits treated as trading or business income (for example, frequent professional trading) may instead be taxed as income at up to 35% personal income tax
  • The general corporate tax rate in Cyprus is 12.5% — among the lowest in the EU

Reporting Requirements

  • Crypto disposals are dealt with under Cyprus’s annual tax framework; keep records of purchase dates, costs, and sale values
  • There is no withholding tax on foreign platform trades — you are responsible for self-reporting
  • Cyprus does not levy VAT on crypto-to-crypto transactions for individuals

Because the 8% crypto tax is newly introduced and its interaction with prediction-market profits is not fully settled, consider treating Polymarket winnings conservatively and seek professional advice if your activity is substantial.

Getting Started

If you’re in Cyprus and want to start trading on Polymarket:

  1. Sign up for Polymarket — under 2 minutes, no KYC required
  2. Buy USDC on Binance (or Bybit/Coinbase) via SEPA — EUR bank transfer in the eurozone
  3. Deposit on Polymarket — transfer USDC via Polygon
  4. Place your first trade — start with a small amount
  5. Use limit orders to avoid taker fees — only taker orders pay fees on Polymarket

Frequently Asked Questions

Is Polymarket available in Cyprus?
Yes. Polymarket does not geoblock Cypriot IP addresses and is fully accessible from Cyprus. As an EU member state that is generally crypto-friendly, there is no active blocking of the platform.
Is Polymarket legal in Cyprus?
This is a grey area. Cyprus regulates betting through the Betting Law 37(I)/2019, supervised by the National Betting Authority, which permits online betting on sports and human-skill events. Decentralized crypto prediction markets like Polymarket are not expressly covered by this framework, and there is no record of enforcement against Cypriot users.
How do Cypriots deposit on Polymarket?
Buy USDC on Binance, Bybit, or Coinbase using a SEPA bank transfer in EUR, then transfer the USDC to your Polymarket deposit address via the Polygon network.
How is Polymarket taxed in Cyprus?
Since 1 January 2026, profits from the disposal of crypto assets in Cyprus are subject to a flat 8% tax. Before 2026, crypto capital gains for individuals were generally exempt. Profits treated as trading or business income can instead fall under personal income tax of up to 35%. Keep records of all transactions.
Can I deposit on Polymarket using SEPA directly?
Not directly. Polymarket accepts only crypto deposits. You can use SEPA to fund your exchange account in EUR, buy USDC (or USDS), then transfer it to Polymarket on the Polygon network.