Polymarket hires Mike Eidlin to lead Japan approval bid

Polymarket has appointed Mike Eidlin, formerly head of Japan at crypto firm Jupiter, to lead its bid for regulatory approval to operate prediction markets in Japan by 2030.

People familiar with the matter confirmed the company is targeting authorization by 2030 and has named Eidlin to head its Japan operations. Eidlin’s LinkedIn lists him as former head of Japan at Jupiter. Polymarket currently blocks users in Japan while it addresses regulatory and sanctions requirements.

Japanese law sets penalties for gambling-related activity. The Penal Code allows up to three years in prison for habitual gambling, and operating a gambling business carries a sentence of three months to five years. Japan’s cabinet last month approved a bill to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, which would ban insider trading and require annual disclosures from issuers.

A Polymarket spokesperson said the firm has seen “meaningful organic interest from users” in Japan and Asia and added the company is “always evaluating opportunities to expand access globally in compliant and locally appropriate ways.” Polymarket’s Japanese account on X has more than 53,000 followers, and the platform lists about 169 active contracts tied to Japanese events, including Bank of Japan rate decisions and political outcomes.

Trading volumes on prediction market platforms have varied. Polymarket’s notional volume fell to $9.967 billion in April from $11.275 billion in March, while competitor Kalshi’s volume rose to $14.647 billion from $13.211 billion over the same period. Kalshi’s valuation reached about $22 billion after a $1 billion fundraising round in March. Polymarket was valued at roughly $9 billion following a reported $2 billion investment from Intercontinental Exchange in October 2025.

Regulators in other countries are also examining prediction markets. South Korean authorities are investigating whether some content on Polymarket constitutes illegal gambling. Indian officials have blocked access to Polymarket and are moving to restrict Kalshi. In the United States, Polymarket secured approval from the Commodity Futures Trading Commission to resume operations in the U.S., and federal agencies have sued Minnesota after the state passed a law banning prediction markets.

Polymarket has been adding products tied to Japan’s economic and political calendar as it seeks a regulatory pathway that would allow residents to use its platform legally.