Polymarket is accessible in Saudi Arabia — the platform does not geoblock Saudi IP addresses. The Kingdom has one of the strictest gambling regimes in the world, yet crypto adoption is among the highest in the Middle East, with estimates putting the number of Saudi crypto users in the tens of millions. There is no licensed local exchange, so Saudi users reach crypto through global platforms and P2P rails. Here’s what Saudi users need to know about using Polymarket.
Current Status: Accessible
Saudi Arabia is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Saudi IP addresses, and users can sign up, deposit, and trade on all available markets.
Saudi Arabia’s relationship with crypto is layered: official warnings against virtual currencies remain in place, yet adoption has grown rapidly — the Kingdom ranked among the top 10 countries globally for crypto transaction volume in 2025, and surveys suggest high ownership rates among young Saudis. Because no local exchange is licensed, most activity flows through global platforms like Binance, Bybit, and OKX using P2P trades and card payments in Saudi Riyal (SAR).
Prediction markets occupy a legal grey area in Saudi Arabia. Gambling is prohibited, but prediction markets are not explicitly addressed in Saudi law, and there is no documented enforcement against individual users of overseas prediction market platforms.
The Legal Landscape
The Saudi Central Bank (SAMA)
SAMA (Saudi Central Bank, formerly the Saudi Arabian Monetary Authority) supervises the Kingdom’s financial sector. In 2018 SAMA publicly warned against trading virtual currencies, citing the absence of any legitimate oversight and the risk of fraud. Crypto is not legal tender in Saudi Arabia — only the Saudi Riyal (SAR) is — and no party in the Kingdom is licensed to deal in virtual currencies.
SAMA has nevertheless invested heavily in blockchain for institutional use, including CBDC research and cross-border pilots, creating a dual posture: restrictive toward public crypto, innovative on controlled digital payments.
The Capital Market Authority (CMA)
The CMA regulates Saudi Arabia’s capital markets and securities. It heads the standing committee on unauthorized securities that issued the 2018 declaration confirming no parties are licensed for virtual-currency activity. Where crypto trading resembles securities activity, it falls within the CMA’s perimeter.
The CMA is also the expected lead for the Kingdom’s forthcoming digital-asset framework. As of 2026, Saudi Arabia does not yet operate under a single, consolidated virtual-assets regime — regulation remains activity-based and cautionary.
Ministry of Finance Warnings
In August 2019, Saudi Arabia’s Ministry of Finance issued a public warning against dealing in any virtual currencies, stating that they are not recognized by legal entities in the Kingdom and fall outside its regulatory framework. The warning also flagged that projects falsely claiming a relationship with the Kingdom would face legal action.
Gambling Law and the Grey Area
Gambling is completely prohibited in Saudi Arabia under Islamic law — including online betting and casinos — with severe penalties ranging from fines to imprisonment. Enforcement of online restrictions is backed by the Kingdom’s cybercrime legislation, and internet access to gambling operators is tightly controlled.
Prediction markets are not specifically addressed in Saudi law. Decentralized, crypto-based platforms like Polymarket fall into an unregulated gap between the general gambling prohibition and the absence of any crypto-specific statute. As with crypto ownership itself, the practical position for individual users is a grey area rather than an explicit, codified offense.
The Road Ahead: A Digital-Asset Framework
Saudi Arabia’s regulatory posture is shifting. In late 2025, government officials announced plans to introduce stablecoins under national regulation in partnership with the CMA and the central bank, and global crypto exchanges publicly welcomed the move. A CMA-led digital-asset framework is widely expected in 2026, which could eventually introduce licensed local exchanges and clearer rules for digital assets.
How to Deposit from Saudi Arabia
Saudi Arabia has no licensed local exchange, so deposits run through global platforms that accept SAR via P2P marketplaces, mada cards, and bank transfers.
Step 1: Buy USDC on a Global Exchange
| Exchange | SAR Deposit Options | Card | Notes |
|---|---|---|---|
| Bybit | P2P (bank transfer, STC Pay, urpay) | mada, Apple Pay | Strong SAR-USDC liquidity; UAE SCA licensed |
| Binance | P2P (Al Rajhi, SNB, STC Pay) | Card | Largest P2P liquidity for SAR |
| OKX | P2P (bank transfer, STC Pay) | Card | Strong P2P depth; low fees |
| Rain | SARIE bank transfer | Card | Gulf-licensed (Bahrain), Shariah-certified, native SAR pairs |
Deposit Methods Explained
P2P (Peer-to-Peer): The most reliable way to fund an exchange account in SAR. You buy USDC from a verified seller on the exchange’s P2P marketplace and pay them directly via a local bank transfer (e.g., from Al Rajhi or SNB), STC Pay, or urpay. The exchange holds the crypto in escrow until the payment is confirmed. This is the recommended method.
mada card: Saudi Arabia’s national debit card scheme works on most global exchanges for crypto purchases. Note that some Saudi banks decline card transactions at crypto-coded merchants, so have a P2P fallback ready for larger amounts.
SARIE bank transfer: Saudi Arabia’s interbank transfer rail (SARIE) moves riyals instantly between local accounts and is typically free for retail customers. Exchanges that offer direct SAR accounts, like Rain, can be funded this way; on other platforms, bank transfers are used to settle P2P trades.
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
Saudi Arabia has one of the most favorable tax positions for individual crypto holders in the G20, mainly because the Kingdom levies no personal income tax.
No Capital Gains Tax for Individuals
There is no personal income tax and no capital gains tax on personal crypto profits in Saudi Arabia. An individual who buys and sells USDC, or profits from prediction market trading, currently pays no tax on those gains — whether Saudi national, GCC citizen, or expat resident.
Zakat
Saudi and GCC nationals are subject to Zakat, a 2.5% wealth-based religious obligation calculated annually on qualifying assets that meet the Nisab threshold and are held for a full lunar year. Under contemporary scholarly opinion, crypto holdings can be included in this calculation. Zakat is a charge on wealth, not a tax on trading gains, and it does not apply to non-Muslims or non-GCC expats.
VAT
A 15% VAT applies to services such as exchange fees, but pure crypto-to-crypto trades are generally treated as outside the scope of VAT, since ZATCA (the Zakat, Tax and Customs Authority) has not issued binding guidance classifying crypto as goods.
Business Activity
Trading that rises to a commercial operation can fall under Saudi corporate tax rules — a 20% corporate income tax applies to net crypto profits for entities, and Saudi-owned businesses additionally pay Zakat on their capital base. Individual, non-business trading is not affected.
Reporting
Because Saudi Arabia has no personal income tax, there is no annual personal tax return or reporting threshold for crypto gains. That said, with a digital-asset framework expected and AML rules already covering digital funds, keeping records of your buys, sells, and transfers in SAR is still good practice.
Getting Started
If you’re in Saudi Arabia and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on Bybit or Binance via P2P — a SAR bank transfer is usually the most reliable route
- 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