Polymarket is seeking approval in the Japanese market to expand its global reach.

CoinFeed reported on May 22 that, according to Bloomberg, Polymarket is seeking approval from the Japanese government to operate a prediction market by 2030 and has appointed local representatives to lobby for its services. Polymarket sees Japan as a huge untapped business opportunity. Due to Japan's strict gambling restrictions, Polymarket currently blocks betting by Japanese users. Japanese criminal law stipulates that habitual gambling can be punished with up to three years in prison, and operating a gambling business can be punished with up to five years. A Polymarket spokesperson stated that they have seen "substantial organic interest" from users in Japan and Asia and are constantly evaluating opportunities to expand global access in a compliant manner.