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Taiwan Residents Face Legal Scrutiny Over Election Betting on Polymarket

Market Updates Taiwanese residents have reportedly engaged in activity on the decentralized betting platform Polymarket, renowned for its record-breaking trading volumes during the 2020 United States election.The upcoming Taiwan presidential election scheduled for January 13, 2024, cautionary advisories have been issued to citizens against utilizing cryptocurrency betting platforms for wagering on election outcomes. This advisory

 

Taiwanese residents have reportedly engaged in activity on the decentralized betting platform Polymarket, renowned for its record-breaking trading volumes during the 2020 United States election.The upcoming Taiwan presidential election scheduled for January 13, 2024, cautionary advisories have been issued to citizens against utilizing cryptocurrency betting platforms for wagering on election outcomes. This advisory coincides with an ongoing investigation, during which several individuals have already been summoned for questioning.

Taiwan presidential election odds. Source: Polymarket
Taiwan presidential election odds. Source: Polymarket

A recent local report highlights that a number of Taiwanese citizens participated in Polymarket to place bets on the impending presidential election, an act deemed illegal under Taiwanese law. Specifically, such activities potentially violate Article 88-1 of the Election and Recall Act.

Offenders face the prospect of penalties, including six months of imprisonment, detention, or a fine of up to 100,000 New Taiwan dollars (approximately $3,188).

It is noteworthy that Polymarkets encountered regulatory challenges in the United States in 2022. Headquartered in New York, the Commodity Futures Trading Commission (CFTC) initiated legal proceedings against the platform in January 2022, alleging that it had been operating an “illegal unregistered or non-designated facility” since June 2020.

Despite these challenges, Polymarket achieved significant trading activity during the 2020 U.S. election, setting a new volume record exceeding $10 million on its platform.

Wasif Shakir

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