Polymarket is accessible in Uganda — the platform does not geoblock Ugandan IP addresses. Uganda’s financial sector runs on mobile money — MTN MoMo and Airtel Money reach far beyond the brick-and-mortar banking system — and that same infrastructure fuels a growing crypto ecosystem centered on exchanges like Yellow Card. Here’s what Ugandan users need to know about using Polymarket.
Current Status: Accessible
Uganda is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Ugandan IP addresses. Ugandan users can sign up, deposit, and trade on all available markets.
Cryptocurrency is legal to hold and trade in Uganda, though the regulatory landscape is unsettled. The government does not recognize any cryptocurrency as legal tender, and the Bank of Uganda has directed licensed payment service providers not to facilitate crypto transactions — but access to overseas, self-custody platforms like Polymarket is not blocked, and there is no record of enforcement against individual Polymarket users in Uganda.
The Legal Landscape
Bank of Uganda’s Position
The Bank of Uganda (BoU) is the central bank and the primary regulator of the payment system under Uganda’s National Payment Systems Act, 2020. The central bank has repeatedly warned the public about the risks of cryptocurrency and issued circulars instructing licensed payment institutions not to facilitate or liquidate cryptocurrency transactions.
In October 2019, Uganda’s Ministry of Finance issued a public statement clarifying that the government does not recognize any cryptocurrency as legal tender and has not licensed any organization to sell or facilitate crypto trading in Uganda. This means holders of crypto assets in Uganda do not enjoy the consumer protections that apply to regulated financial assets.
The Silver Kayondo Ruling (2022)
In the case of Silver Kayondo v. Bank of Uganda (Miscellaneous Cause No. 109 of 2022), Uganda’s High Court considered whether the central bank could direct licensed payment providers to stop facilitating crypto. The Court confirmed that:
- Cryptocurrencies are not recognized legal payment instruments under the National Payment Systems Act
- The Bank of Uganda had the mandate to direct licensed payment providers to desist from liquidating cryptocurrency
- The ruling did not ban cryptocurrency outright — it was a regulatory directive to payment licensees rather than a prohibition on individuals holding or trading crypto
The practical takeaway: banks and mobile-money providers are steered away from handling crypto, but individuals face no direct legal restriction on holding or trading crypto through self-custody or overseas platforms.
Financial Intelligence Authority (FIA) and AML
Uganda’s Anti-Money Laundering Act, 2013 was amended in 2020 to add virtual asset service providers (VASPs) to the list of “accountable persons” supervised by the Financial Intelligence Authority (FIA). Crypto exchanges and other service providers handling virtual assets are therefore subject to AML/CFT obligations and registration with the FIA. This applies to service providers, not to individual users trading on overseas platforms.
Gambling and Prediction Markets
Uganda does not have a specific law addressing prediction markets or crypto-based betting platforms. Decentralized platforms like Polymarket fall into an unregulated gap — they are not explicitly licensed, but there is also no legal framework criminalizing their use by individuals. As with many countries, the prediction market space in Uganda sits in a legal grey area that regulators have not yet addressed.
How to Deposit from Uganda
Uganda’s crypto on-ramp runs largely through mobile money (MTN MoMo and Airtel Money) and African-focused exchanges.
Step 1: Buy USDC on a Local Exchange
| Exchange | Local Rail | Card Payments | Notes |
|---|---|---|---|
| Yellow Card | MTN MoMo, Airtel Money, bank | Yes | African-focused; strong UGX support and USDC liquidity |
| Binance | P2P with MoMo/bank | Yes | Global leader; P2P UGX trading available |
| CryptoDesk | Mobile money, local bank | Yes | Uganda-based crypto on/off-ramp and OTC service |
Deposit Methods Explained
Mobile Money (MTN MoMo / Airtel Money): Uganda’s mobile-money networks are the most widely used payment rail in the country, far outstripping traditional bank accounts. You can fund a crypto exchange like Yellow Card directly from your MoMo or Airtel Money wallet. This is the recommended deposit method.
P2P trading: Peer-to-peer (P2P) markets, notably on Binance, allow you to buy USDC from local buyers and sellers using mobile money or bank transfers. This is a flexible alternative where mobile-money integration is strong.
Bank transfer: Traditional bank transfers are also supported by many exchanges, though mobile money is faster and more commonly used for crypto on-ramps in Uganda.
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
Uganda does not have a dedicated crypto tax code, so gains are treated under the general Income Tax Act framework.
Income Tax for Individuals
Profits from trading crypto are generally treated as part of an individual’s chargeable income under Uganda’s progressive personal income tax (PIT) rates for resident individuals:
| Annual Chargeable Income (UGX) | Rate |
|---|---|
| Up to 2,820,000 | 0% |
| 2,820,001 – 4,020,000 | 10% |
| 4,020,001 – 4,920,000 | 20% |
| 4,920,001 – 120,000,000 | 30% |
| Over 120,000,000 | 40% |
Uganda has no separate capital gains tax — gains are included in chargeable income and taxed at the applicable rate. The specific treatment of crypto gains is not clearly defined in law, so the exact classification (capital gain vs. business income) depends on frequency and volume of trading.
Companies
Corporate profits, including capital gains, are taxed at 30%. Again, there is no separate capital gains tax for companies.
Reporting Requirements
- Gains from digital assets should be reported as part of your income to the Uganda Revenue Authority (URA)
- There is no withholding tax on overseas platform trades — you are responsible for self-reporting
- Keep detailed records of all deposits, trades, withdrawals, and conversion rates
Getting Started
If you’re in Uganda and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on Yellow Card via mobile money — fast and widely supported
- 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