Polymarket is accessible in Uruguay — the platform does not geoblock Uruguayan IP addresses. Uruguay is one of Latin America’s more developed crypto markets, with a high banking penetration rate (one of the highest in the region) and a forward-looking regulatory stance on virtual assets. The Central Bank of Uruguay (BCU) has moved from issuing guidance to approving a full framework for virtual-asset service providers. Here’s what Uruguayan users need to know about using Polymarket.
Current Status: Accessible
Uruguay is not on Polymarket’s geoblocked countries list. The platform is fully accessible from Uruguayan IP addresses. Uruguayan users can sign up, deposit, and trade on all available markets.
Uruguay’s crypto adoption is moderate but growing. The country is notable in the region for its formal approach to regulation: rather than banning crypto, Uruguay’s Congress passed a dedicated virtual-assets law in 2024, and the BCU has since published implementing regulations. There is no restriction on prediction markets, and no record of enforcement against Uruguayan Polymarket users.
The legal landscape for prediction markets in Uruguay sits in a grey area, as it does in most of Latin America. Uruguay’s gambling law dates to 2017 and focuses on state-authorised operators; the newer virtual-assets law addresses exchanges and service providers, not prediction-market platforms.
The Legal Landscape
The Virtual Assets Law (2024)
On 10 September 2024, Uruguay’s Parliament approved a dedicated law regulating virtual assets, and assigned the Central Bank of Uruguay (BCU) as the licensing and supervisory authority. The law formally recognises “virtual assets” and creates the category of PSAV — Proveedores de Servicios de Activos Virtuales (Virtual Asset Service Providers).
The law does not ban cryptocurrencies. Instead, it establishes that businesses providing crypto services in Uruguay must register and be authorised by the BCU, bringing the sector under structured supervision and anti-money laundering (AML) obligations.
BCU Final Regulations (2026)
On 10 July 2026, the BCU approved the final implementing regulations for virtual-asset service providers. The framework covers:
- Exchange of virtual assets, and exchange between virtual assets and fiat currencies
- Transfer, custody and management of virtual assets
- Provision of financial services related to the offering or trading of such assets
- Certain activities carried out through smart contracts and decentralised protocols
The regulations set a compliance timetable: existing operators may submit authorisation applications to the BCU between 1 September 2026 and 31 March 2027, while new operators must obtain authorisation before starting operations. This framework primarily targets businesses (exchanges and service providers); it does not restrict individual users of overseas platforms like Polymarket.
Gambling Laws
Uruguay’s gambling framework is state-led:
- Law No. 19.535 (2017) prohibits all online gambling that has not been expressly authorised
- The Dirección General de Casinos (DGC), under the Ministry of Economy and Finance, supervises gaming
- A 2026 bill has been introduced to regulate online gambling more explicitly, proposing a unified regulator and a digital bettor registry
Prediction markets specifically are not addressed in either the gambling law or the virtual-assets law. As in most of Latin America, a decentralised, crypto-based platform like Polymarket falls into an unregulated gap between these frameworks. Polymarket is not geoblocked or sanctioned in Uruguay.
How to Deposit from Uruguay
Uruguay does not have a dominant local crypto exchange, so most users rely on international exchanges that support the Uruguayan Peso (UYU), often settled through peer-to-peer (P2P) trading.
Step 1: Buy USDC on a Local Exchange
| Exchange | UYU Support | Local Rail | Card Payments | Notes |
|---|---|---|---|---|
| Binance | Yes (P2P) | Bank transfer (Itaú, BBVA, BROU) | Yes | Global leader; popular Binance P2P UYU trading |
| Bitso | Yes | Bank transfer | Yes | Latin America-focused exchange |
| Bybit | Yes (P2P) | Bank transfer | Yes | P2P UYU trading available |
| OKX | Yes | Bank transfer | Yes | Global exchange with P2P UYU support |
Deposit Methods Explained
Uruguayan bank transfer (via P2P): There is no interoperable instant-fee-transfer system like Mexico’s SPEI, so the most common route is peer-to-peer (P2P) trading. On Binance P2P you select a seller offering UYU, you’re matched, and you pay via a transfer from your local bank account (Itaú, BBVA, BROU, Santander) — then the crypto is released to your wallet. This is the recommended method for funding an exchange with Uruguayan Pesos.
Card payments: Several international exchanges accept credit or debit card purchases of USDC or other stablecoins in Uruguay. This is convenient but typically carries higher fees than bank-transfer P2P.
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
Uruguay does not have a dedicated crypto tax code. Crypto gains are generally treated under the existing income-tax framework.
Capital Income Tax (IRPF)
For individuals, gains from crypto are generally treated as capital income and subject to the personal income tax (IRPF). The prevailing rate on capital income is 12%. Uruguay does not levy a separate, general individual capital-gains tax — crypto gains fall under the capital-income category. (PwC tax summary, taxatlas.io)
Business Income Tax (IRAE)
For businesses, crypto-related income falls under the IRAE (Impuesto a las Rentas de las Actividades Económicas) at a rate of 25%.
Reporting Requirements
- Keep detailed records of all deposits, trades, withdrawals, and conversions
- Report crypto gains as capital income on your annual tax declaration to the tax authority (DGI — Dirección General Impositiva)
- There is no withholding at source on foreign platform trades — self-reporting is your responsibility
What You Don’t Pay
- No VAT on crypto-to-crypto transactions for individuals
- No special crypto surcharge — standard rates apply
- Uruguay generally does not tax capital gains on certain foreign investments for individuals, but crypto gains for residents are treated as capital income; if in doubt, consult a tax professional
Getting Started
If you’re in Uruguay and want to start trading on Polymarket:
- Sign up for Polymarket — under 2 minutes, no KYC required
- Buy USDC on Binance via P2P with a Uruguayan bank transfer
- 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