Polymarket seeks Japanese government approval, plans to enter the local market by 2030

Odaily Odaily reports that the prediction market platform Polymarket is seeking approval from the Japanese government and plans to operate its prediction market business in Japan by 2030, having already appointed local representatives to conduct lobbying efforts.

According to reports, Polymarket views Japan as a significant, underdeveloped market. Due to Japan's strict regulations on gambling, Polymarket currently blocks Japanese users from participating in prediction market trading.

Under Japanese criminal law, habitual gambling is punishable by up to three years in prison, while operating a gambling business carries a maximum penalty of five years. A Polymarket spokesperson stated that the company has observed "substantial organic interest" from users in Japan and the Asian region and is continuously evaluating opportunities to expand global market access in a compliant manner. (Bloomberg)