Taiwanese Residents Warned Against Crypto Election Betting Amid Ongoing Investigation
Summary:
As Taiwan's presidential election nears, residents have been advised against using cryptocurrency platforms like Polymarket for election-related betting, amidst a standing investigation. This activity is illegal under Taiwanese law, risking imprisonment, detention, or hefty fines. In related news, Polymarket faced regulatory issues in the U.S. in 2022, but recorded significant trade volumes during the 2020 U.S. elections.
As the presidential elections in Taiwan draw closer, residents have been cautioned not to use cryptocurrency betting platforms to gamble on the election results. This warning builds on a current investigation, in which several individuals have already been questioned. Recent local news highlighted that several citizens of Taiwan used the decentralized betting platform, Polymarket, to gamble on the presidential polls, set to take place on January 13, 2024. The report indicated that some individuals have been interrogated by prosecutors and investigators due to their involvement in Polymarket betting.
In Taiwan, however, participating in any form of election-related gambling is deemed illegal, potentially contravening Article 88-1 of the Election and Recall Act. Any individuals found in breach of this law may face a punishment of up to six months in jail, detention, or a fine up to NT$100,000, approximately $3,188 USD.
Polymarkets, on the other hand, faced regulatory hurdles in the U.S. just last year. Based in New York, the company ran into trouble when the Commodity Futures Trading Commission (CFTC) brought a lawsuit against it in January 2022. The Commission asserted that Polymarket had been functioning as an "illegal unregistered or non-designated facility" since June 2020. Despite that, Polymarket saw a considerable volume of trade during the U.S. elections in 2020, marking a new record with more than $10 million volume.
Published At
12/16/2023 4:51:21 AM
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