According to CoinMeta, Polymarket is in negotiations with regulatory authorities in Europe and the UK to seek financial services regulation for its contracts, rather than being primarily governed by national gambling laws. According to The Financial Times, the New York-based company has engaged in discussions with regulators in London, Brussels, and several EU countries in an effort to obtain European licenses. Sources familiar with the matter say that Polymarket hopes its contracts will be considered derivatives under financial services regulations. While pursuing international expansion, the company is raising funds with a valuation of over $20 billion. Polymarket believes that regulation under financial market rules will provide a more suitable framework for its products than the current gambling regulations applicable in multiple European countries.