Polymarket Begins Effort to Seek Japan Regulatory Approval by 2030

The blockchain-based prediction market platform Polymarket has begun a formal effort to enter the Japanese market, aiming to secure regulatory approval to operate in the country by 2030. According to reports, the company has appointed a local representative and is preparing to lobby Japanese authorities.

Mike Eidlin, who leads Japan operations for the cryptocurrency exchange Jupiter, has been appointed to oversee Polymarket’s strategy in the country. The platform currently blocks access for users in Japan due to the nation’s strict gambling laws. Under Japan’s Penal Code, habitual gambling can carry prison sentences, with exceptions only for state-sanctioned activities like public lotteries and horse racing.

The reported expansion into Japan coincides with increasing regulatory scrutiny of prediction markets in other regions. Authorities in India recently moved to block access to Polymarket, and similar action against rival platform Kalshi is reportedly imminent. Argentina has also ordered internet providers to block the platform, while several other countries maintain restrictions.

In the United States, Polymarket’s primary market, the company has faced legal challenges. It was...