As the Taiwan presidential election approaches on January 13, 2024, Taiwanese residents are being cautioned against using cryptocurrency betting platforms to gamble on the election results. This warning is part of an ongoing investigation, with several individuals already summoned for questioning.
A local report highlighted that numerous Taiwanese citizens have engaged with the decentralized betting platform Polymarket to place wagers on the forthcoming presidential election. The report mentioned, “The community reported that several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets.”
However, engaging in gambling activities related to elections is illegal in Taiwan. This activity is potentially in violation of Article 88-1 of the Election and Recall Act. The report further noted that those found guilty could face up to six months in prison, detention, or a fine of up to 100,000 New Taiwan dollars (approximately $3,188).
In 2022, Polymarket faced regulatory scrutiny in the United States. Based in New York, the platform was subject to legal action by the Commodity Futures Trading Commission (CFTC) in January 2022. The CFTC accused Polymarket of operating as an “illegal unregistered or non-designated facility” since June 2020.
Despite these challenges, Polymarket experienced significant trading activity during the 2020 U.S. election, recording a new high in trading volume of over $10 million.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up