Summary
- Polymarket has reportedly selected a representative in Japan as it seeks regulatory approval.
- Mike Eidlin, previously the head of Japan at crypto company Jupiter, will spearhead this initiative, as reported by Bloomberg.
- The prediction market aims to gain the necessary authorization to operate in Japan by 2030.
Polymarket has named a representative in Japan as part of its strategy to obtain government authorization for operating prediction markets in the nation, according to Bloomberg. Sources have indicated that the company is targeting regulatory approval by the year 2030.
Mike Eidlin, who has held the position of head of Japan at crypto firm Jupiter as stated on his LinkedIn profile, has been chosen to lead Polymarket’s efforts in the Japanese market, as reported by Bloomberg.
Currently, Japan is on Polymarket's restricted list, meaning users are unable to access the platform due to "regulatory requirements and compliance with international sanctions."
The legal landscape in Japan is stringent. The country’s Penal Code specifies that individuals who frequently engage in gambling could face up to three years of imprisonment, while managing a gambling operation can lead to a prison sentence ranging from three months to five years.
A spokesperson from Polymarket mentioned to Bloomberg that the company has observed “significant organic interest from users” in Japan and Asia, adding that they are “constantly assessing opportunities for compliant global expansion.”
Polymarket's Japanese X account has already garnered over 53,000 followers, and approximately 169 active contracts on Polymarket are linked to events in Japan, such as decisions by the Bank of Japan and various political outcomes.
This move into Japan occurs as Polymarket navigates a mixed global landscape, competing with rival prediction market platform Kalshi. In April, Polymarket reported notional volumes of $9.967 billion, a drop from $11.275 billion in March, according to DeFiLlama. In contrast, Kalshi’s volumes increased from $13.211 billion in March to $14.647 billion in April. Kalshi's valuation reached $22 billion following a $1 billion funding round in March, while Polymarket stands at a $9 billion valuation after receiving a $2 billion investment from the Intercontinental Exchange in October 2025.
Regulatory bodies in various regions are scrutinizing the prediction market sector. Reports indicate that South Korea's Korea Communications Standards Commission is investigating whether Polymarket is facilitating illegal gambling, while Indian authorities have blocked access to Polymarket and are also working to block Kalshi, according to local news sources citing an official from the Ministry of Electronics and Information Technology.
Last year, Polymarket obtained approval from the CFTC to re-enter the U.S. market after being forced offshore for operating a futures contract platform without the necessary license. The platform has faced challenges from state gaming regulators in the U.S., resulting in a legal conflict between states and the CFTC and Department of Justice—this week, federal agencies filed a lawsuit against Minnesota over a recently enacted bill that prohibits prediction markets in the state.
In a recent development, Japan's cabinet approved a bill last month that aims to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, which would ban insider trading and mandate annual disclosures from issuers.