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Taiwan officers launch inquiry into crypto betting on election outcomes: Report

With the Taiwan presidential election looming inside a month, residents of Taiwan have been reportedly warned towards utilizing cryptocurrency betting platforms to wager on the presidential end result. This recommendation comes amid an ongoing investigation, with a number of people already referred to as for questioning.

Based on a current native report, plenty of Taiwanese residents have utilized the decentralized betting platform Polymarket to position bets on the upcoming presidential election scheduled for January 13, 2024.

“The group reported that a number of people have been summoned for investigation by prosecutors and investigators for collaborating in Polymarket bets,” the report acknowledged.

Taiwan presidential election odds. Supply: Polymarket

Nonetheless, collaborating in election-related playing actions in Taiwan is towards the regulation. It was famous that it doubtlessly violates Article 88-1 of the Election and Recall Act.

The report added there’s a potential for a six-month imprisonment, detention, or a tremendous as much as NT$100,000, which is roughly $3,188 USD.

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Simply final yr, Polymarkets faced regulatory challenges in america. 

Headquartered in New York, the Commodity Futures Buying and selling Fee (CFTC) initiated authorized proceedings towards the platform in January 2022.

The CFTC claimed that the platform had been working an “unlawful unregistered or non-designated facility” since June 2020.

Nonetheless, throughout the 2020 U.S. election, Polymarket saw significant trade, posting a brand new quantity report of greater than $10 million.

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