In brief
Polymarket has reportedly appointed a Japan representative ahead of a regulatory approval bid.
Mike Eidlin, formerly head of Japan at crypto firm Jupiter, will lead the effort, according to Bloomberg.
The prediction market is aiming for authorization to operate in Japan by 2030.
Polymarket has appointed a representative in Japan as it prepares to seek government approval to operate prediction markets in the country, according to Bloomberg. Sources familiar with the matter told the outlet that the company is aiming to secure regulatory authorization by 2030.Mike Eidlin, who serves as head of Japan at crypto firm Jupiter according to his LinkedIn profile, has been appointed to lead Polymarket's expansion in the country, Bloomberg reported.Japan currently sits on Polymarket's list of restricted jurisdictions, where users are blocked from accessing the platform due to "regulatory requirements and compliance with international sanctions."The legal backdrop is strict. Japan's Penal Code stipulates that a person who habitually gambles could face up to three years in prison, while operating a gambling business is punishable by between three months and five years of imprisonment.A Polymarket spokesperson told Bloomberg that the firm has seen “meaningful organic interest from users” in Japan and Asia, adding that it is “always evaluating opportunities to expand access globally in compliant and locally appropriate ways.”The platform's Japanese X account has already attracted more than 53,000 followers, and some 169 active Polymarket contracts are tied to Japanese events, including Bank of Japan rate decisions and political outcomes.Polymarket's Japan push comes as it faces a mixed global picture, jockeying with rival prediction market platform Kalshi. Polymarket posted notional volumes of $9.967 billion in April, down from $11.275 billion in March, per DeFiLlama, while Kalshi saw volumes rise from $13.211 billion in March to $14.647 billion in April. Kalshi’s valuation hit $22 billion after a $1 billion raise in March, with Polymarket sitting at a $9 billion valuation following a $2 billion investment from Intercontinental Exchange in October 2025.Regulators in several jurisdictions are scrutinizing the prediction market sector. South Korea's Korea Communications Standards Commission is examining whether Polymarket hosts illegal gambling content, per local media outlets, while Indian authorities have blocked access to Polymarket and are in the process of blocking Kalshi, according to local reports citing an official at the Ministry of Electronics and Information Technology.Polymarket secured approval from the CFTC to re-enter the U.S. market last year, after being pushed offshore over operating a futures contract platform without a license to do so. The prediction market platform has faced pushback from U.S. state gaming regulators, sparking a legal set-to between states and the CFTC and Department of Justice—with the federal agencies this week suing Minnesota over a newly signed bill that bans prediction markets in the state.Japan's cabinet last month approved a bill that would reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, prohibiting insider trading and requiring annual disclosures from issuers.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
