- Polymarket appointed a Japan representative as it seeks regulatory approval to operate by 2030.
- Japan maintains strict gambling laws while Polymarket remains blocked in the region.
- South Korea is reviewing whether Polymarket is hosting illegal gambling-related content.
Prediction market platform Polymarket has appointed a representative in Japan as part of a long-term effort to secure approval to operate legally in the country by 2030. The reported move comes as the platform continues to face regulatory restrictions and gambling-related scrutiny across several jurisdictions, including the United States, South Korea, and India.
According to reports, Polymarket sees Japan as a possible expansion market despite the country’s strict gambling laws. The report stated that Mike Eidlin, who has reportedly worked as head of Japan at Jupiter, will lead Polymarket’s activities in the country.
Japan is currently listed as a restricted jurisdiction on Polymarket’s website. The platform says access is blocked in certain regions because of regulatory requirements and international compliance measures.
Japan Upholds Strict Gambling Restrictions
Japan’s Penal Code prohibits habitual gambling and imposes penalties on operators of gambling businesses. Under existing law, habitual gamblers can face prison terms of up to three years, while operating gambling businesses can result in imprisonment ranging from three months to five years.
However, the country allows certain state-approved betting activities, including public lotteries and horse racing. Japan’s pachinko sector has also continued operating through arcade-style gaming systems and token exchange mechanisms that exist within a legal grey area.
Polymarket Faces Rising Global Regulatory Scrutiny
In the United States, regulators have recently increased scrutiny of sports-related event contracts offered through prediction market platforms. Earlier this week, the CFTC filed a lawsuit against Minnesota over a newly signed law tied to prediction markets.
Meanwhile, South Korea’s Korea Communications Standards Commission is examining whether Polymarket hosts illegal gambling-related content, according to local media reports. Indian authorities have also reportedly blocked access to Polymarket and are reviewing restrictions targeting other prediction market operators.
Related: Polymarket Becomes War Betting Hub, Lawmakers Demand Crackdown
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