Polymarket is close-only in Thailand. If you have existing positions, you can sell your shares and withdraw your funds — but you cannot open new trades or deposit additional money. This restriction followed a January 2025 crackdown by Thai authorities who classified the platform as illegal online gambling.
Current Status: Close-Only
Thailand is one of four countries — alongside Singapore, Poland, and Taiwan — where Polymarket operates in close-only mode. This is a middle ground between full access and a complete block.
In practice, this means:
| Action | Available? |
|---|---|
| View markets and prices | Yes |
| Sell existing shares | Yes |
| Withdraw USDC balance | Yes |
| Buy new shares | No |
| Deposit funds | No |
| Place new limit orders | No |
If you hold positions that haven’t resolved yet, they will continue to resolve normally. Winning positions still pay out. You just cannot add to them or enter new markets.
What Close-Only Means in Practice
Close-only status is not a full ban. Your account is not frozen, and your funds are not at risk. The key distinctions:
- Your existing positions are safe. They will resolve according to market outcomes, and you will receive your payout in USDC.
- You can exit at any time. Sell your shares at the current market price, then withdraw your USDC to any wallet.
- You cannot place new trades. The buy button is disabled for Thai IP addresses. Limit orders on the buy side will not execute.
- Deposits are blocked. You cannot send new USDC to your Polymarket account from a Thai IP.
If you need to close a large position, consider using limit orders on the sell side to avoid excessive slippage. Market sell orders in illiquid markets can result in a worse price than expected.
What Happened: The Timeline
| Date | Event |
|---|---|
| January 14, 2025 | Thailand’s Technology Crime Suppression Division (TCSD) announces proposal to ban Polymarket, classifying it as illegal online gambling |
| January 15, 2025 | Bloomberg reports Thailand and Singapore are both moving to restrict Polymarket |
| Early 2025 | Polymarket moves Thailand to close-only status rather than a full block |
| March 16, 2025 | SEC Thailand approves USDC and USDT for trading on licensed exchanges — but this does not affect Polymarket’s status |
| April 13, 2025 | Two Royal Decrees take effect expanding MDES powers to block unlicensed digital platforms without court approval |
The restriction was driven by the TCSD rather than the SEC Thailand. Police Lieutenant General Trairong Phiwpaen stated that Polymarket was “found to be illegal online gambling in Thailand because the use of cryptocurrency for trading and betting is against the law.” The TCSD set up a task force to collaborate with domestic and international agencies on illegal crypto-based gambling activities.
The Regulatory Picture
Thailand’s regulatory landscape for prediction markets sits at the intersection of three separate legal frameworks: gambling law, digital asset regulation, and cybercrime enforcement.
Gambling Act B.E. 2478 (1935)
Thailand’s gambling law dates back to 1935 and remains one of the strictest in Southeast Asia. Almost all forms of gambling are illegal, with narrow exceptions for the national lottery and licensed horse racing.
- Online gambling is explicitly prohibited — no exceptions for crypto-based platforms
- The Thai Cabinet approved a draft Entertainment Complex Bill in January 2025 to legalize casinos, but the bill was withdrawn in July 2025 amid political turbulence
- Poker was partially decriminalized in July 2025, but only for state-approved tournaments — general gambling remains illegal
- As of early 2026, no casino legalization bill has been reintroduced
The TCSD’s classification of Polymarket as illegal gambling rests on this Act. Prediction markets — where users buy and sell shares on event outcomes — are treated the same as sports betting or casino games under Thai law.
SEC Thailand & Digital Asset Regulations
Thailand has one of Southeast Asia’s more developed crypto regulatory frameworks, governed by the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018):
- The SEC Thailand licenses and supervises all crypto exchanges, brokers, and dealers operating in Thailand
- USDC and USDT were approved for trading on licensed exchanges effective March 16, 2025
- Two Royal Decrees effective April 13, 2025 introduced extraterritorial licensing requirements — foreign crypto platforms targeting Thai users (through Thai-language content, local payment methods, or marketing) must obtain an SEC license
- In May 2025, the SEC declared five major international exchanges (Bybit, OKX, CoinEx, 1000X, XT.COM) as operating illegally in Thailand
- Capital gains tax exemption on crypto traded through licensed exchanges runs from January 1, 2025 through December 31, 2029
The SEC Thailand has not specifically classified prediction markets as digital assets or securities. The restriction on Polymarket came from law enforcement (TCSD), not the securities regulator.
MDES (Ministry of Digital Economy and Society)
The MDES gained expanded powers under the April 2025 Royal Decree on Technology Crimes, including the ability to:
- Block access to unlicensed digital platforms without court approval
- Order ISPs to restrict access to websites classified as facilitating illegal activity
- Coordinate with the TCSD on enforcement against online gambling platforms
This gives Thailand the technical capability to escalate from Polymarket’s self-imposed close-only restriction to a full ISP-level block (similar to what Australia implemented in August 2025), though as of March 2026 this has not occurred.
Thai Crypto Exchanges
Thailand has a well-regulated licensed exchange ecosystem. While these cannot be used to trade on Polymarket directly (due to close-only status), they provide context for Thailand’s crypto infrastructure:
| Exchange | Market Share | SEC Licensed | Notes |
|---|---|---|---|
| Bitkub | ~77% | Yes | Thailand’s dominant exchange, planned IPO |
| Orbix (formerly Satang Pro) | Significant | Yes | Acquired by KasikornBank (KBank), rebranded from Satang Pro |
| Bitazza | Niche | Yes | ~90-200 listed coins, 0.15%/0.25% maker/taker fees |
| Binance TH | Growing | Yes | Global infrastructure under Thai license |
| KuCoin Thailand | Growing | Yes | Licensed Thai entity |
| InnovestX | Niche | Yes | Subsidiary of SCBX (Siam Commercial Bank) |
Key facts about Thai exchanges:
- All require full KYC (Thai national ID or passport)
- Support THB deposits via bank transfer and PromptPay
- USDC and USDT trading approved since March 2025
- Capital gains from trades on these licensed platforms are tax-exempt through 2029
Tax Considerations
Thai tax treatment of crypto has become significantly more favorable:
| Situation | Tax Treatment |
|---|---|
| Crypto gains on licensed Thai exchanges | Exempt from personal income tax (2025-2029) |
| Crypto gains on unlicensed/foreign platforms | Subject to progressive income tax (5-35%) |
| 15% withholding tax | Suspended during the exemption period for licensed exchange trades |
| Reporting requirements | Gains must still be calculated and declared on tax returns |
Polymarket is not a licensed digital asset operator in Thailand. Gains from Polymarket positions would likely fall outside the tax exemption and could be subject to standard progressive income tax rates. Consult a qualified Thai tax advisor for guidance specific to your situation.
Accessing Polymarket from Thailand
Polymarket restrictions are based solely on IP address — there is no KYC or identity verification. Some users in restricted regions access international platforms by routing their internet connection through a different geographic location. This is a common practice for accessing global financial and information services.
If you did access Polymarket with full functionality, you would need USDC on a supported network. Thai users typically acquire USDC through:
- Bitkub — Buy USDC with THB via bank transfer or PromptPay
- Binance TH — Licensed Thai entity with deep USDC liquidity
- Orbix — Bank-backed exchange (KasikornBank subsidiary)
Then transfer USDC to Polymarket via Polygon ($3 minimum) or any other supported chain. For the full deposit process, see our How to Deposit on Polymarket guide.
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