As the Taiwan presidential election scheduled for January 13, 2024, approaches, Taiwanese citizens have been cautioned against using cryptocurrency betting platforms to place wagers on the election outcome.
This advisory comes amidst an ongoing investigation into such activities, leading to the questioning of several individuals.
Recent local reports have revealed that a number of Taiwanese residents have engaged in election betting on the decentralized platform Polymarket.
According to these reports, “several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets.”
However, it is essential to note that participating in election-related gambling activities in Taiwan is explicitly prohibited by law and may potentially violate Article 88-1 of the Election and Recall Act.
The consequences of violating this law include the possibility of facing up to six months of imprisonment, detention, or a fine of up to 100,000 New Taiwan dollars, which is equivalent to approximately $3,188.
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Interestingly, Polymarkets faced regulatory challenges in the United States in 2022.
The company, headquartered in New York, encountered legal proceedings initiated by the Commodity Futures Trading Commission (CFTC) in January 2022.
The CFTC alleged that Polymarket had been operating an “illegal unregistered or non-designated facility” since June 2020.
Notably, during the 2020 U.S. presidential election, Polymarket experienced a surge in trading activity on its platform, marking a significant milestone by achieving a new volume record of over $10 million.
In light of these developments and the legal implications of participating in election-related gambling activities, Taiwanese authorities have issued a stern warning to their citizens against using cryptocurrency betting platforms for wagering on the upcoming presidential election.
As the election date draws nearer, it is crucial for individuals to abide by the country’s laws and regulations to avoid potential legal consequences.
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