Polymarket aims for prediction market approval in Japan by 2030
Mike Eidlin, head of Japan at cryptocurrency exchange Jupiter, is leading Polymarket’s efforts, according to reports.
What to know:
- Polymarket is set to lobby for authorization of prediction markets in Japan.
- The prediction market platform has appointed a representative in the country and is aiming for government approval by 2030.
- Polymarket has been under pressure to expand its reach into other major markets as legal scrutiny has hampered its activity in the U.S.
Mike Eidlin, head of Japan at cryptocurrency exchange Jupiter, is leading Polymarket’s efforts, according to the report.
Polymarket, which allows users to bet on outcomes of real-world events through blockchain-based futures contracts, has been under pressure to expand its reach into other major markets as legal scrutiny has hampered its activity in the U.S.
Read More: India cracks down on prediction markets: Polymarket goes dark, Kalshi could be next
Japan maintains some of the world’s strictest gambling laws, with most forms of betting prohibited under the country’s criminal code. Exceptions exist for state-sanctioned wagering on events such as horse racing and lotteries, while casinos are only beginning to emerge under a tightly regulated framework.
Polymarket has seen “meaningful organic interest from users in Japan,” a spokesperson said, according to Bloomberg’s report.
