Polymarket Appoints Jupiter Exec to Lead Japan Regulatory Push
In brief
- Polymarket named Mike Eidlin, Jupiter's Japan head, to lead expansion efforts in the country.
- The platform aims to secure regulatory authorization to operate prediction markets in Japan by 2030.
- Japan currently restricts Polymarket access, but the platform hosts 169 active contracts tied to Japanese events.
Japan's Prediction Market Opportunity
Polymarket faces a paradox in Japan: the country blocks users from accessing the platform, yet demand there is growing. The platform's Japanese X account has attracted more than 53,000 followers, and some 169 active Polymarket contracts are tied to Japanese events, including Bank of Japan rate decisions and political outcomes.
Eidlin's appointment signals serious intent. His role at Jupiter, a major crypto platform, gives him deep connections in Asia's regulatory ecosystem. That experience matters: Japan's regulators are scrutinizing crypto more closely than ever. Japan's cabinet last month approved a bill that would reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, reshaping how derivatives and prediction markets operate.
Polymarket's Broader Regulatory Battle
The timing of this hire reflects broader pressure on prediction markets globally. Polymarket secured approval from the CFTC to re-enter the U.S. market last year after being pushed offshore. Now it faces new headwinds: the federal agencies this week sued Minnesota over a newly signed bill that bans prediction markets in the state.
Outside the U.S., challenges mount. South Korea's Korea Communications Standards Commission is examining whether Polymarket hosts illegal gambling content. Indian authorities have blocked access to Polymarket and are in the process of blocking Kalshi.
Despite these headwinds, Polymarket remains well-capitalized. The platform sits at a $9 billion valuation following a $2 billion investment from Intercontinental Exchange in October 2025. Polymarket posted notional volumes of $9.967 billion in April, down from $11.275 billion in March, showing the market remains active despite regulatory uncertainty.
"A Polymarket spokesperson told Bloomberg that the firm has seen "meaningful organic interest from users" in Japan and Asia, adding that it is "always evaluating opportunities to expand access globally in compliant and locally appropriate ways.""