Taiwan authorities begin inquiry into crypto betting on election results: Report

With Taiwan's presidential election approaching in less than a month, Taiwanese residents have reportedly been warned against using cryptocurrency betting platforms to bet on the presidential outcome. While this consultation is ongoing, several individuals have already been called in for questioning.

According to a recent local report, many Taiwanese citizens participated in the decentralized betting platform Polymarket to place bets on the upcoming January 13, 2024 presidential election.

“The community reports that several individuals have been called in for investigation by prosecutors and investigators for their involvement in Polymarket betting,” the report said.

However, engaging in election-related gambling activities is against the law in Taiwan. It was also pointed out that it may violate Article 88-1 of the Election and Recall Law.

The report added that six months imprisonment, imprisonment or a fine of up to NT$100,000, which is roughly $3,188 USD.

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Just last year, Polymarkets faced regulatory challenges in the United States.

The New York-based Commodity Futures Trading Commission (CFTC) has launched legal proceedings against the platform in January 2022.

The CFTC said the platform had been operating as an “illegal unregistered or undesignated entity” since June 2020.

However, during the 2020 US election, Polymarket saw a significant increase in business volume, recording a new volume of more than $10 million.

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