With the Taiwan presidential election soon to take place within a month, residents have been warned against using cryptocurrency betting platforms to wager on the election outcome. This comes after an investigation was launched and several individuals were called for questioning.
According to a local report, some Taiwanese citizens have been participating in the decentralized betting platform Polymarket to bet on the January 13, 2024 presidential election. The report noted that “several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets”.
It is illegal to take part in election-related gambling activities in Taiwan, as such activities violate Article 88-1 of the Election and Recall Act. If found guilty, individuals may face a six-month imprisonment, detention, or a fine of up to NT$100,000 ($3,188 USD).
Last year, Polymarkets faced regulatory challenges in the US. The Commodity Futures Trading Commission (CFTC) based in New York filed legal proceedings against the platform in January 2022, accusing it of operating an “illegal unregistered or non-designated facility” since June 2020. Nonetheless, during the 2020 US election, Polymarket saw a new trade volume record of over $10 million.
The warning against using cryptocurrency betting platforms for the Taiwan presidential election comes as terrorism and the Israel-Gaza war have been weaponized in order to destroy crypto.