Polymarket is close-only in Singapore. Singapore accounts can close positions they already hold, but they cannot open new trades. If you’re a new visitor, you generally can’t start trading here today. Singapore has one of Asia’s most sophisticated crypto ecosystems and a financial regulator, the Monetary Authority of Singapore (MAS), that regulates crypto exchanges under the Payment Services Act — yet its separate gambling regulator treats prediction markets as illegal gambling.
Current Status: Close-Only
Polymarket lists Singapore as close-only: accounts tied to Singapore can close positions they already hold, but cannot open new ones. For most visitors this means Polymarket is effectively off-limits for starting new trades in Singapore. This differs from a full block — existing exposure can still be unwound rather than frozen.
Singapore is nonetheless one of the world’s most crypto-forward financial centres, with high crypto adoption and MAS-regulated on-ramps for moving funds. That combination — a mature crypto market alongside strict gambling oversight — is why Singapore’s prediction-market picture is more restricted than its crypto standing might suggest.
The Legal Landscape
Singapore has two distinct regulatory tracks that shape Polymarket’s status here:
MAS and the Payment Services Act (2019)
The Monetary Authority of Singapore (MAS) is the country’s central bank and integrated financial regulator. Under the Payment Services Act 2019 (PSA), crypto exchanges dealing in digital payment tokens (DPTs) must hold a licence — a Major Payment Institution (MPI) licence for larger providers. MAS supervises licensed exchanges for conduct, AML and consumer protection.
Key points:
- Licensed crypto exchanges include Independent Reserve, Coinbase, Crypto.com, Coinhako and others.
- A PSA licence does not mean MAS endorses crypto as an asset — it confirms the operator meets AML, cyber and asset-custody standards.
- MAS has also been active on investor warnings about unlicensed platforms, including crypto exchanges operating without authorisation.
MAS regulates the exchange layer (buying and moving crypto) but does not directly license prediction markets as a product class.
The Gambling Control Act 2022 and the GRA
The Gambling Regulatory Authority of Singapore (GRA) — formed in 2022 — regulates gambling. The Gambling Control Act 2022 modernised Singapore’s gambling laws and requires all gambling operators targeting Singapore residents to hold a licence. Under this framework, offshore platforms offering unlawful unlicensed gambling are treated as illegal.
In practice:
- Prediction markets that let users bet real money on event outcomes are viewed by the GRA as unlicensed gambling.
- Singapore has blocked access to Polymarket as a provider of unlawful gambling, citing the Gambling Control Act 2022.
- The result on the platform side is Polymarket’s close-only status for Singapore accounts.
Singapore does not currently offer a licensed, regulated equivalent of a peer-to-peer crypto prediction market. Predictions hosted by licensed operators fall under the country’s formal gambling regime rather than an open trading market.
Managing Positions and Moving Funds in Singapore
Because Polymarket is close-only in Singapore, new visitors can’t open trades here — you’d need to have positions opened before the restriction applied. If you do hold open positions and want to manage, fund, or close them, you can buy USDC on a MAS-regulated Singapore exchange first:
| Exchange | SGD Deposits | Notes |
|---|---|---|
| Independent Reserve | PayNow, FAST, SWIFT | First MAS-licensed DPT provider; buy USDC directly with SGD |
| Coinbase | Bank transfer, card | Full MAS licence, clean beginner experience |
| Crypto.com | Bank transfer, card | MAS-regulated; popular local brand |
| Coinhako | FAST, PayNow | Homegrown Singapore exchange |
Deposit Methods Explained
PayNow: Singapore’s instant peer-to-peer transfer service, linked to your mobile number or NRIC — a fast, often fee-free way to fund your exchange account.
FAST (Fast and Secure Transfers): The interbank instant transfer system used across Singapore banks. FAST deposits credit instantly on most exchanges.
To move funds: buy USDC on your chosen exchange, then transfer it to your Polymarket deposit address via the Polygon network — the lowest-cost option (USDC $3 minimum) that arrives in seconds. For the full walkthrough, see our How to Deposit on Polymarket guide.
Tax Implications
Singapore is one of the few major financial centres with no capital gains tax, and this extends to crypto:
- Profits from personal crypto investment are generally not taxed.
- There is no capital gains tax on selling crypto for individuals.
- GST is not charged on the transfer or exchange of digital payment tokens.
When You Might Be Taxed
- If you trade crypto as a business — or with such frequency and intent that it constitutes a trading activity — profits may be treated as taxable income by the Inland Revenue Authority of Singapore (IRAS).
- Crypto received as payment for goods or services, or as employment income, is taxable as income.
- You should keep records of all deposits, trades, withdrawals and conversions to document that gains were personal investment rather than trading income.
Getting Started
If you hold open Polymarket positions in Singapore and want to manage them (or in any situation where you need to move funds), here’s what this looks like:
- Buy USDC on a MAS-regulated exchange like Independent Reserve via PayNow or FAST
- Deposit on Polymarket — transfer USDC via the Polygon network
- Manage your open positions — close or adjust positions you already hold
- Note the restriction — new trades cannot be opened from Singapore accounts today
- Track your records — document your activity for potential IRAS review of trading-vs-investment status
Related Guides
- All Country Guides — Check availability for every country
- Country Availability Checker — Instant status lookup for 190+ countries
- What Is Polymarket? — Learn about the platform
- How Prediction Markets Work — Understand the mechanics
- How to Sign Up for Polymarket — Create your account in under 2 minutes
- How to Deposit on Polymarket — Fund your account step by step
- How to Trade on Polymarket — Market orders, limit orders, and tips
- Polymarket Fees Explained — Fee breakdown by category (or use the fee calculator)
- Polymarket vs Kalshi — How Polymarket compares to other markets
- Polymarket Review 2026 — Full platform overview