Polymarket now lists New Zealand as close-only. That means existing positions can be closed, but new trades cannot be opened — so a new visitor can’t start trading here. The restriction is the product of a 2026 regulatory push, and it arrived later than many expected: earlier in the year Polymarket had not restricted Kiwi users at all. Here’s what changed, and what remains.
Current Status: Close-Only (Can’t Open New Trades)
Polymarket classifies New Zealand as close-only: New Zealand users can close existing positions but cannot open new ones. There is no way for a new visitor to start trading from New Zealand.
This is worth understanding precisely, because it differs from how New Zealand approached the problem. The Department of Internal Affairs (DIA) — New Zealand’s gambling regulator — publicly stated in February 2026 that prediction markets such as Polymarket and Kalshi are caught by both the Gambling Act 2003 and the Racing Industry Act 2020, because their products meet the legal definitions of “gambling” and “bookmaking”. The DIA asked the platforms to withdraw from the New Zealand market rather than ordering ISPs to block them. Polymarket’s response has been to restrict new trading from NZ IP addresses while leaving existing positions closable.
In other words, this is Polymarket’s own restriction, not a government ISP block. That distinction matters: unlike countries where a regulator has ordered network-level blocks, New Zealand’s site remains reachable — but Polymarket will not let you open a new position from it.
New Zealand otherwise has a well-developed and properly regulated crypto ecosystem, with compliant local and NZD-supporting exchanges such as Easy Crypto and Independent Reserve and fast bank-transfer deposits.
The Legal Landscape
The Gambling Regulator: Department of Internal Affairs (DIA)
The Department of Internal Affairs is New Zealand’s national gambling regulator, operating under the Gambling Act 2003 and the Racing Industry Act 2020. Only TAB New Zealand is legally permitted to offer online race and sports betting within the country.
In a February 2026 statement, the DIA’s director of gambling said prediction markets “are caught by both the Gambling Act 2003 and the Racing Industry Act 2020” and are “accordingly prohibited under the Gambling Act”. The DIA asked Polymarket and Kalshi to withdraw from the New Zealand market and stated it would “take a similar approach to other providers as they arise”, aligning with its approach to other offshore betting operators.
Significantly, the DIA also said it does not intend to penalise individual users: “Although it is technically an offence to participate in illegal gambling, we will not be looking to penalise those engaging with these platforms, our focus is on the platforms themselves.” Polymarket has since responded by making New Zealand close-only — a Polymarket-side restriction on new positions, not a government-imposed ISP block, so the site itself remains reachable.
Online Gambling Act 2026
Alongside this, New Zealand moved to regulate licensed online casino gambling. The Online Casino Gambling Act 2026 introduced a regulatory system for online gambling operators, prioritising harm minimisation, consumer protection, and tax collection. This framework governs licensed offshore casino operators and does not legalise or license unlicensed prediction markets.
The Crypto Framework and AML
New Zealand has no single dedicated “crypto law”, but cryptoassets are not legal tender and crypto service providers must comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). Exchanges operating in New Zealand act as reporting entities and must register and meet AML/CFT obligations with the relevant agencies. The Financial Markets Authority (FMA) is the financial markets regulator and was consulted on the prediction-market stance. The DIA noted that neither Kalshi nor Polymarket applied to the FMA for consideration or licensing of their products.
How to Deposit from New Zealand
New Zealand has a straightforward NZD on-ramp thanks to local exchanges and NZD-supporting global platforms.
Step 1: Buy USDC on a Local Exchange
| Exchange | Bank Transfer (NZD) | POLi | Card Payments | Notes |
|---|---|---|---|---|
| Easy Crypto | Yes | Yes | Yes | New Zealand-based exchange; NZD bank deposits |
| Independent Reserve | Yes | Yes | Yes | Australian-backed exchange with NZD support |
| Binance | Yes | Yes | Yes | Global leader with NZD deposits and P2P options |
| Kraken | Yes | Yes | Yes | Global exchange supporting NZD bank deposits |
Deposit Methods Explained
NZD Bank Transfer (recommended): Most NZ exchanges let you deposit NZD directly from your New Zealand bank account. On many platforms this is processed via POLi, which connects to NZ online banking for near-instant deposits, or via a standard bank transfer. This is the fastest and most common way to fund your exchange account and buy USDC.
Debit / Credit Card: Many exchanges accept card payments for crypto purchases. This is convenient but typically carries higher fees than bank transfers.
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
Inland Revenue (IRD) treats cryptoassets as property, not currency, and New Zealand does not have a separate capital gains tax. As a result, profits from crypto activities such as trading can be taxable as income.
Income Tax
If you buy crypto with the intention of selling or swapping it — or trade it as a business — any gains are generally taxable as income on your IR3 income tax return. Crypto profits are added to your other income and taxed at New Zealand’s progressive personal income tax rates, which range up to a top personal rate of 39% for high earners. Companies pay income tax at the flat corporate rate of 28%.
Reporting Requirements
- You must file an IR3 income tax return when you have taxable income from a cryptoasset activity
- You must calculate the New Zealand dollar value of your crypto transactions and work out your crypto income (and expenses)
- If your crypto is held as trading stock, additional valuation rules apply
- Keep detailed records of all purchases, sales, transfers, and NZD conversion rates
What You Don’t Pay
- No separate capital gains tax — gains fall within the income tax framework rather than a standalone CGT
- No GST on crypto-to-crypto trades between individuals for personal-use crypto
- Only taxable income triggers a return; casual or speculative treatment depends on your intent and circumstances
This is a general framework — every taxpayer’s situation differs. For specific guidance, consult the IRD’s cryptoassets resources or a tax professional.
Getting Started
If you’re in New Zealand and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on Easy Crypto or Independent Reserve via NZD bank transfer (POLi)
- 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