Is Polymarket legal in Colombia?
Yes. Polymarket is accessible from Colombia. The country is not on Polymarket's list of blocked countries.
How Colombian regulations apply
Colombia's gambling sector is regulated by Coljuegos, which oversees online gambling licenses. Prediction markets are not specifically classified under Coljuegos' framework.
Crypto is legal in Colombia. The Superintendencia Financiera has allowed financial institutions to offer crypto services through a regulatory sandbox. Several exchanges operate in the country.
How to get started from Colombia
- Go to Polymarket and create your account
- Deposit via credit card or buy USDC on a Colombian exchange like Buda.com and transfer
- Start trading
Learn the basics: What are prediction markets?
Tax implications for Colombian users
Crypto gains in Colombia are treated as taxable income under the general income tax framework. The tax rate depends on your total annual income and ranges from 0% to 39% for individuals.
Colombia does not have a separate capital gains tax category for crypto. Instead, profits from trading activities are added to your regular income and taxed at the corresponding bracket. If you trade frequently, the tax authority (DIAN) may classify your activity as commercial income, which requires different reporting.
You are required to declare crypto holdings and gains in your annual tax return. Colombia has been increasing its enforcement of crypto tax compliance, and the DIAN has started cross-referencing data from local exchanges. Keep detailed records of all transactions, including deposits, withdrawals, and individual trades on Polymarket.
