Polymarket Taps Jupiter Exec to Lead Japan Push: Report
Polymarket has named a representative in Japan as it seeks regulatory approval to launch its prediction markets in the country, targeting authorization by 2030. Mike Eidlin will head Polymarket’s Japan expansion. Currently, Japanese users cannot access Polymarket due to strict gambling laws, which carry severe penalties for both users and operators. Despite these restrictions, there is significant local interest, with over 53,000 followers on Polymarket’s Japanese X account and 169 contracts tied to Japanese events. Polymarket is competing globally with Kalshi; in April, its notional volumes fell to $9.97 billion while Kalshi’s rose to $14.65 billion. Polymarket’s valuation stands at $9 billion, bolstered by significant investment, though still below Kalshi’s $22 billion. Regulatory scrutiny is growing worldwide, with investigations and blocks in markets such as South Korea and India. Polymarket has recently regained conditional CFTC approval to operate in the U.S., despite facing opposition at the state level. Meanwhile, Japan is advancing crypto regulations, classifying digital assets as financial products and strengthening compliance requirements.
