Polymarket is close-only in Taiwan. If you’re a new visitor, you can’t start trading here — new positions cannot be opened. Taiwan is one of the region’s most crypto-forward jurisdictions, with globally active local exchanges that are pouring into Web3, but its authorities were also among the first in Asia to push back on prediction markets. Today, Polymarket limits Taiwan accounts to closing existing positions only.
Current Status: Close-Only
Polymarket lists Taiwan as close-only: accounts tied to Taiwan can close positions they already hold, but they cannot open new ones. The restriction sits at the platform level — Polymarket restricts the ability to open new trades — rather than an explicit legal ban or an ISP block of the site ordered by a regulator.
This means two things in practice:
- If you already hold open positions, you can still close and settle them.
- If you’re a new visitor, there is no way to open a fresh position on Polymarket from Taiwan today.
Why Polymarket Restricts Taiwan
Taiwan was a first-mover in Asia in pushing back on prediction-market platforms. Around January 2025, Taiwanese authorities moved to block Polymarket after users were using the site to bet on Taiwan’s 2024 presidential election — an activity that is unlawful in Taiwan. Concern over political-event betting drove the crackdown, placing Polymarket and similar platforms in the same category as unlicensed online gambling rather than legitimate financial services.
Taiwan’s Gambling Law
Gambling is broadly prohibited in Taiwan. Taiwan’s Criminal Code makes both operating and participating in unauthorized gambling an offence, and online gambling on foreign or unlicensed platforms sits outside the narrow, state-supervised exceptions that do exist. Prediction markets — which let users wager on political, economic, sports, and current-event outcomes — are treated by Taiwanese authorities as a form of unlicensed gambling rather than as regulated financial derivatives.
Financial Supervisory Commission (FSC) and Crypto
Separately, Taiwan’s crypto sector is regulated by the Financial Supervisory Commission (FSC), the island’s main financial regulator:
- Since 2024, virtual asset service providers (VASPs) must complete anti-money-laundering (AML) registration with the FSC to operate legally.
- The top local exchanges — MAX (MaiCoin), BitoPro, and XREX — are among the providers that have completed or pursued this registration.
- Taiwan’s legislature passed a dedicated Virtual Asset Service Act on third reading in June 2026. It will move VASP oversight from AML registration toward a full FSC licensing regime, add stablecoin rules (issuance will require both Central Bank consent and FSC permission), and impose market-conduct and custody requirements.
- Stablecoin issuance in Taiwan also requires consent from the Central Bank of the Republic of China (Taiwan).
In short, Taiwan is building a serious, structured regulatory framework for crypto — but prediction markets have so far been treated as gambling rather than as part of that framework, which is why Polymarket restricts Taiwan to close-only.
Trading Status in Taiwan
Polymarket’s restriction for Taiwan is close-only: a Taiwanese account can close positions it already holds, but it cannot open new ones. This differs from a full block — existing exposure can still be unwound rather than being frozen.
For a new visitor, the practical result is that you can’t start trading — there is no way to open a fresh position on Polymarket from Taiwan today. Existing users who hold positions and want to fund an account to settle or close them can buy USDC on a Taiwanese crypto exchange first:
| Exchange | TWD Deposits | Notes |
|---|---|---|
| MAX (MaiCoin) | Bank transfer | Largest locally founded exchange; FSC AML-registered; straightforward TWD on-ramp |
| BitoPro | Bank transfer | Major local exchange; FSC AML-registered; user-friendly for TWD deposits |
| XREX | Bank transfer | Taiwan-based exchange, FSC AML-registered; focuses on fiat-crypto rails |
The easiest on-ramp is to buy USDC on one of these local exchanges via a New Taiwan Dollar bank transfer, then move the USDC to a self-custody wallet on the Polygon network for use with Polymarket.
Tax Implications
Taiwan does not yet have a dedicated cryptocurrency tax law, and the treatment of crypto gains continues to be clarified through administrative guidance. The practical framework:
- In current practice, profits from trading crypto can be treated as property-transaction income and taxed at Taiwan’s ordinary progressive income-tax rates (roughly 5% to 40% for individuals).
- Converting crypto to New Taiwan Dollars and depositing it into a bank account is generally the point at which a tax obligation can arise — trading one crypto for another (for example, USDT to BTC) is typically not, by itself, a taxable event.
- If you trade frequently or as your main income, you may be treated as running a business, with profits taxed as business income rather than capital gains.
- Prediction-market profits would generally flow into the same individual income-tax framework.
Because Taiwan’s approach is still evolving and depends on your individual tax status and trading activity, you should consult a qualified Taiwan tax professional for your specific situation. Nothing here is tax advice.
Getting Started in Taiwan
Because Polymarket is close-only in Taiwan, the account-opening and trading steps below apply only if you already hold open positions and want to manage or settle them — new trades cannot currently be opened from Taiwan.
- Choose a Taiwanese exchange — typically MAX, BitoPro, or XREX — and complete its identity-verification (KYC) process.
- Buy USDC using a New Taiwan Dollar bank transfer on your chosen exchange.
- Withdraw the USDC to a self-custody wallet on the Polygon network.
- Fund your Polymarket account from that Polygon wallet (there is a USDC minimum, and deposits typically arrive in seconds).
- Close or manage any existing positions you hold; use limit orders rather than market orders when you want to control your fill price.
If you need to understand the fundamentals before using them, see the guides below.
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 regulated alternatives