Svmuu reported 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. It has already appointed local representatives to carry out lobbying efforts.
According to reports, Polymarket views Japan as a significant yet underdeveloped market. Due to Japan's strict gambling regulations, Polymarket currently blocks Japanese users from participating in prediction market transactions.
Under Japanese criminal law, habitual gambling is punishable by up to three years in prison, while operating a gambling business can lead to a maximum of five years in prison. A Polymarket spokesperson stated that the company has observed "substantial organic interest" from users in Japan and the Asia region and continues to evaluate opportunities to expand global market access in a compliant manner. (Bloomberg)