Polymarket is set to lobby for approval 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 in 2030, the 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 the outcome 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 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, with most forms of betting prohibited under the country’s criminal code. Exemptions exist for state-sanctioned betting 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 relatively cautious approach to 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.
