Polymarket is accessible in Mongolia — the platform does not geoblock Mongolian IP addresses. Mongolia is notable for its formal legal approach to crypto: it enacted a dedicated Virtual Asset Service Provider (VASP) law in 2021, supervises registered exchanges through the Financial Regulatory Commission, and hosts a growing Bitcoin mining sector powered by cheap electricity. Here’s what Mongolian users need to know about using Polymarket.
Current Status: Accessible
Mongolia is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Mongolian IP addresses. Mongolian users can sign up, deposit, and trade on all available markets.
Mongolia stands out regionally because crypto is not merely tolerated but formally regulated. The 2021 VASP law legalized and licensed crypto trading and exchanges, and the Financial Regulatory Commission (FRC) supervises registered virtual asset service providers. Mongolia has also become known for cryptocurrency mining, which benefits from some of the region’s cheaper electricity.
The legal landscape for prediction markets in Mongolia sits in a grey area. The VASP law regulates exchanges and service providers but does not specifically address prediction markets. There’s no record of enforcement against Mongolian Polymarket users.
The Legal Landscape
The Virtual Asset Service Provider (VASP) Law (2021)
Mongolia enacted the Law on Virtual Asset Service Providers in December 2021, and it came into force in February 2022. The law took an adaptive approach to crypto regulation, aiming to curb illicit activity while promoting transparency and investor protection:
- Crypto trading and exchanges are legal in Mongolia
- Service providers must register with the Financial Regulatory Commission (FRC) and obtain a license
- Platforms must follow strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies
- The law emphasizes investor protection, requiring platforms to disclose risks
The FRC regulates and supervises registered VASPs, with directory data listing roughly a dozen supervised providers, including local exchange and wallet services.
The Bank of Mongolia
The Bank of Mongolia (Mongolbank) is the central bank and, through its Financial Intelligence Unit, has described the VASP law as important for AML/CFT controls and alignment with the FATF’s Recommendation 15. The central bank has also expressed caution regarding cryptocurrency trading, and cryptoassets are not legal tender in Mongolia — they are treated as virtual assets rather than official currency.
Mining
Mongolia has gained attention as a cryptocurrency mining destination thanks to cheap electricity. Crypto mining is legal and growing in the country, making it one of the few with a notable domestic mining sector alongside its regulatory framework.
Where Prediction Markets Sit
Prediction markets specifically are not addressed in the VASP law or other Mongolian financial regulation. Decentralized, crypto-based platforms like Polymarket sit in an unregulated gap: the law governs licensed service providers, while individual users of overseas platforms are not directly regulated.
How to Deposit from Mongolia
Mongolia has a workable crypto on-ramp ecosystem through FRC-registered local platforms and global exchanges that accept MNT.
Step 1: Buy USDC on a Local Exchange
| Exchange | Bank Transfer | Card | P2P | Notes |
|---|---|---|---|---|
| Trade.mn | Yes | Yes | — | Established Mongolian platform; local MNT liquidity |
| CoinHub | Yes | Yes | — | Mongolian platform; domestic benchmark |
| Binance | Yes | Yes | Yes | Global leader; USDT/MNT P2P trading is a common local route |
| OKX | Yes | Yes | Yes | Low fees; global coverage |
Deposit Methods Explained
Bank transfer: Most Mongolian users fund their exchange accounts through a domestic bank transfer in MNT (tugrik). Local platforms like Trade.mn and CoinHub accept tugrik bank transfers, and global exchanges support card and bank deposits. This is the recommended deposit method.
Binance P2P: A popular route in Mongolia is Binance P2P, where you can trade MNT directly against USDT or USDC with a local counterparty who settles via bank transfer. This is a fast way to convert tugrik into a stablecoin you can then send to Polymarket.
Card payments: Global exchanges such as Binance and OKX accept credit/debit card purchases, providing a straightforward way to buy USDC if bank transfer is unavailable.
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
Mongolia does not have a dedicated crypto tax code. Instead, crypto gains fall under the general income tax framework.
Personal Income Tax
Mongolia taxes residents on their worldwide income under a progressive personal income tax schedule (reformed in 2023, moving away from the previous flat 10% rate):
| Income Range (MNT) | Tax Rate |
|---|---|
| ₮0 – ₮120 million | 10% |
| ₮120 – ₮180 million | 15% |
| Over ₮180 million | 25% |
- Crypto trading income is taxable as income
- Crypto income is exempt from VAT
- Non-residents are generally taxed at a flat 20% on Mongolian-sourced income
Reporting Requirements
- Mongolia’s tax year is the calendar year, with an individual filing deadline of February 15 of the following year
- There is no withholding on overseas platform trades — you are responsible for self-reporting
- Keep detailed records of all deposits, trades, withdrawals, and conversion rates
What You Don’t Pay
- No VAT on crypto-to-crypto transactions for individuals
- No dedicated crypto surcharge above standard income tax rates
- Mongolia has no specific crypto capital-gains regime — income tax applies
Getting Started
If you’re in Mongolia and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on a local exchange like Trade.mn or CoinHub via bank transfer (or Binance P2P for MNT)
- 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