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 .
Polymarket is set to lobby for authorization of prediction markets in Japan, according to a Bloomberg report on Friday.
The decentralized prediction market platform has appointed a representative in the country and is aiming for government approval by 2030, Bloomberg report said, citing people familiar with the matter who asked not to be named.
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.
Japan has also taken a comparatively cautious approach toward crypto-related businesses, with regulators enforcing licensing and consumer protection requirements on digital asset firms operating in the country.
Polymarket did not respond to CoinDesk's request for comment.
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