With Taiwan's presidential election approaching in a month, Taiwan residents have been warned not to use cryptocurrency betting platforms to bet on the presidential outcome. This advice comes amid an ongoing investigation, in which several people have already been called in for questioning.
According to a recent local reportSeveral Taiwanese citizens participated in the decentralized betting platform Polymarket to place bets on the upcoming presidential elections scheduled for January 13, 2024.
โThe community reported that several people have been summoned for investigation by prosecutors and investigators for participating in Polymarket betting,โ the report states.
However, engaging in election-related gambling activities in Taiwan is illegal. It was noted that it potentially violates article 88-1 of the Elections and Recalls Law.
The report adds that there is the possibility of receiving a prison sentence of six months, detention or a fine of up to NT$100,000, which is approximately equivalent to $3,188.
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Last year, Polymarkets faced regulatory challenges in the U.S.
Based in New York, the Commodity Futures Trading Commission (CFTC) initiated legal proceedings against the platform in January 2022.
The CFTC claimed that the platform had been operating an "illegal unregistered or undesignated facility" since June 2020.
However, during the 2020 US elections, Polymarket saw significant traderecording a new volume record of more than 10 million dollars.
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