Polymarket, a prediction market platform, has appointed a local representative to obtain Japanese government approval needed to operate a prediction market in Japan.
The Block reported on May 22, citing Bloomberg, that Polymarket sees Japan as a key growth opportunity and aims to secure regulatory approval by 2030. Mike Eidlins, who has served as Japan lead at Solana-based decentralised exchange Jupiter, is expected to lead Polymarket’s Japan business, the report said.
Polymarket’s official website currently categorises Japan as a restricted region, with access blocked due to regulatory requirements and compliance with international sanctions.
The push into Japan comes as Polymarket’s monthly trading volume declines. The Block data showed April trading volume fell to $9.0 billion from $10.57 billion in March. The Block said it was the first decline in monthly trading volume since August last year. Rival Kalshi’s April trading volume rose to $14.81 billion from $13.0 billion.
Polymarket has also returned to the U.S. market through the acquisition of QCEX, a federally regulated derivatives exchange. It is currently operating on a limited basis, and the CFTC and Polymarket exchange are reported to be in talks to reintroduce it in the United States.
Chi-gyu Hwang
delight@d-today.co.kr