Polymarket will push for prediction markets to be authorized in Japan, according to a Bloomberg report on Friday.
The decentralized prediction market platform has appointed a representative in the country and aims to obtain government approval by 2030, according to a Bloomberg report, citing people familiar with the matter who asked not to be identified.
Mike Eidlin, Japan head of cryptocurrency exchange Jupiter, is leading Polymarket’s efforts, according to the report.
Polymarket, which allows users to bet on the outcomes of real-world events through blockchain-based futures contracts, has been under pressure to expand its reach to other major markets as legal scrutiny has hampered its activity in the US.
Read more: India cracks down on prediction markets: Polymarket goes dark, Kalshi could be next
Japan maintains some of the strictest gambling laws in the world, and most forms of gambling are prohibited under the country’s criminal code. There are exceptions for state-sanctioned betting on events such as horse racing and lotteries, while casinos are just beginning to emerge under a strictly regulated framework.
Polymarket has seen “significant organic interest from users in Japan,” a spokesperson said, according to the Bloomberg report.
Japan has also taken a comparatively cautious approach toward cryptocurrency-related companies, with regulators imposing licensing and consumer protection requirements on digital asset companies operating in the country.
Polymarket did not respond to CoinDesk’s request for comment.
