Polymarket targets approval in Japan as global scrutiny intensifies

Polymarket has reportedly appointed a Japanese representative as the prediction market platform moves toward securing approval to operate legally in the country by 2030.

According to a Friday Bloomberg report citing people familiar with the matter, Polymarket sees Japan as a long-term expansion market even as the platform remains blocked or restricted across several jurisdictions over gambling and financial compliance concerns.

Polymarket’s list of restricted countries. Source: Polymarket website.

Leading the effort is Mike Eidlin, who Bloomberg identified as the current head of Japan at Jupiter. According to the report, Eidlin has been appointed to oversee Polymarket’s local strategy as the company begins discussions around regulatory access in the country.

At present, Japan remains on Polymarket’s restricted jurisdiction list. The platform’s website states that users from the country are blocked due to “regulatory requirements and compliance with international sanctions.”

Japanese law maintains strict restrictions on gambling activity. Under the country’s Penal Code, habitual gambling can carry prison terms of up to three years, while operating gambling businesses can result in imprisonment ranging from three months to five years. 

Government-approved horse racing and public lotteries remain exempt under existing rules, while pachinko parlors continue operating through a long-standing legal gray area tied to token exchange systems.

Polymarket pushes expansion amid rising regulatory pressure

Outside Japan, regulators have continued increasing scrutiny of prediction market platforms, particularly those tied to crypto-based payments and speculative contracts.

Earlier on Friday, Indian authorities blocked access to Polymarket after the Ministry of Electronics and Information Technology instructed internet providers and VPN operators to restrict access to what officials classified as illegal online betting and prediction market services. Local outlet ThePrint reported that authorities are also preparing similar action against Kalshi, a U.S.-regulated prediction platform overseen by the Commodity Futures Trading Commission.

Regulatory documents tied to India’s Promotion and Regulation of Online Gaming Act 2025 have categorized platforms that allow users to place money on uncertain outcomes as prohibited betting services, regardless of whether operators describe them as forecasting tools or researching markets.

Pressure has surfaced in other regions as well. Earlier this year, authorities in Argentina ordered internet providers to block Polymarket after a Buenos Aires court found the platform operated outside the country’s gambling framework. Colombia and Romania imposed similar restrictions last year after classifying the service as unauthorized gambling activity.

At the same time, parts of the U.S. have also moved against prediction markets tied to sports contracts. Minnesota recently became the first U.S. state to ban prediction markets, while the CFTC and the Department of Justice filed a lawsuit earlier this week challenging the state’s legislation.

Even with growing regulatory pushback, Polymarket has continued expanding its institutional presence.

Earlier this month, the company partnered with Nasdaq Private Market to launch prediction markets linked to private-company valuations, IPO timelines, and secondary-market pricing. Under the agreement, Nasdaq Private Market serves as the resolution data provider for those contracts using verified transaction data tied to private companies.

Reuters previously reported that Polymarket has also been exploring a fresh funding round that could value the company at roughly $15 billion.

Back in the U.S., Polymarket has also returned through its acquisition of federally regulated derivatives exchange QCEX. Bloomberg and other outlets have reported that the company remains in talks with the CFTC as it seeks to restore broader access to its main exchange operations in the country.