Polymarket is set to push for the authorization of prediction markets in Japan, according to a Bloomberg report published Friday.
The decentralized prediction market platform has appointed a representative in the country and is aiming for government approval by 2030, the Bloomberg report said, citing people familiar with the matter who asked not to be named.
Mike Eidlin, Japan director of cryptocurrency exchange Jupiter, is leading Polymarket’s efforts, according to the report.
Polymarket, which allows users to bet on the outcomes of real-world events via blockchain-based futures contracts, has been under pressure to expand its reach to other major markets as legal scrutiny has hampered its U.S. business.
Read more: India Cracks Down on Prediction Markets: Polymarket Goes Dark, Kalshi Could Be Next
Japan has some of the strictest gambling laws in the world, with most forms of betting banned under the country’s penal code. Exceptions exist for state-sanctioned betting on events such as horse racing and lotteries, while casinos are only beginning to emerge within a tightly regulated framework.
Polymarket has seen “significant organic interest from users in Japan,” a spokesperson said, according to the Bloomberg report.
Japan has also taken a relatively cautious approach towards crypto-related businesses, with regulators imposing licensing and consumer protection requirements on digital asset companies operating in the country.
Polymarket did not respond to CoinDesk’s request for comment.
