Are prediction markets legal in India?
Polymarket is accessible from India and is denominated in USDC stablecoin, which sits in a regulatory gray zone under FEMA. Kalshi requires US residency. Manifold is unrestricted.
- Regulator
- Reserve Bank of India (RBI), SEBI
- Recommended platforms
- Polymarket, Manifold
Detailed overview
India's prediction-market access is shaped by two regimes: gambling law (state-level, generally prohibitive) and crypto/forex law (federal, governed by FEMA and the 30% crypto tax). Polymarket operates in USDC and is accessible from Indian IPs, but the use of stablecoins for speculative purposes is not clearly authorized.
Frequently asked questions
Is Polymarket legal in India?
Polymarket is accessible from Indian IPs, but using USDC on it sits in a gray zone under India's FEMA rules on foreign-currency transactions. Consult a tax advisor before trading.
Can Indians use Kalshi?
No. Kalshi requires US residency and a US bank account.
This page is editorial information, not legal advice. Regulations change frequently. Consult a qualified lawyer in your jurisdiction before trading.