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As the Taiwan presidential election scheduled for January 13, 2024 approaches, authorities have initiated an inquiry into the use of cryptocurrency betting platforms for wagering on election outcomes. Residents are being cautioned against engaging in such activities, and an ongoing investigation has already seen individuals summoned for questioning.
Recent local reports indicate that some Taiwanese citizens utilized the decentralized betting platform Polymarket to place bets on the forthcoming presidential election. However, engaging in election-related gambling in Taiwan is prohibited by law, potentially violating Article 88-1 of the Election and Recall Act.
The report emphasizes that those found in violation may face penalties, including up to six months of imprisonment, detention, or fines reaching 100,000 New Taiwan dollars (approximately $3,188).
Polymarket encountered regulatory challenges in the United States in 2022. Based in New York, the platform faced legal proceedings initiated by the Commodity Futures Trading Commission (CFTC) in January 2022. The CFTC alleged that the platform had been operating an “illegal unregistered or non-designated facility” since June 2020.
It’s noteworthy that during the 2020 U.S. election, Polymarket witnessed substantial trades, setting a new volume record of over $10 million. The current investigation in Taiwan adds another layer to the regulatory scrutiny faced by decentralized betting platforms globally.
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