Polymarket Appoints Japan Representative, Eyes Regulatory Approval 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 aims to secure regulatory authorization by 2030.
Expansion Lead
Mike Eidlin, who is listed as the head of Japan at the crypto firm Jupiter on his LinkedIn profile, has been appointed to lead Polymarket’s expansion in the country, Bloomberg reported.
Current Restrictions
Japan is currently on Polymarket’s list of restricted jurisdictions, where users are blocked from accessing the platform due to “regulatory requirements and compliance with international sanctions.”
Legal Landscape
The legal environment is strict. Japan’s Penal Code stipulates that habitual gamblers could face up to three years in prison, while operating a gambling business is punishable by between three months and five years of imprisonment.
Company Statement
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.”
Existing Presence
The platform’s Japanese X account has already attracted more than 53,000 followers, and approximately 169 active Polymarket contracts are tied to Japanese events, including Bank of Japan rate decisions and political outcomes.
Global Context
Polymarket’s push into Japan comes amid a mixed global picture, as it competes with rival prediction market platform Kalshi. Polymarket posted notional volumes of $9.967 billion in April, down from $11.275 billion in March, according to DeFiLlama, while Kalshi saw volumes rise from $13.211 billion in March to $14.647 billion in April. Kalshi’s valuation reached $22 billion after a $1 billion raise in March, while Polymarket’s valuation is at $9 billion following a $2 billion investment from Intercontinental Exchange in October 2025.
Regulatory Scrutiny
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, according to 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.
U.S. Market
Polymarket secured approval from the CFTC to re-enter the U.S. market last year, after being pushed offshore for operating a futures contract platform without a license. The prediction market platform has faced pushback from U.S. state gaming regulators, sparking a legal dispute 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.
Japanese Regulatory Changes
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.
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