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Taiwan officials launch inquiry into crypto betting on election results: Report

Several Taiwanese residents were reportedly using the decentralized betting platform Polymarket, the same platform that saw record-breaking trading volumes during the 2020 United States election.

With the upcoming Taiwan presidential on Jan. 13, 2024, residents of Taiwan have been reportedly warned against using cryptocurrency betting platforms to wager on the election outcome.

This advice comes amid an ongoing investigation, with several individuals already called for questioning.

According to a recent local report, a number of Taiwanese citizens have participated in the decentralized betting platform Polymarket to place bets on the upcoming presidential election.

“The community reported that several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets,” the report stated.

However, participating in election-related gambling activities in Taiwan is against the law. It was noted that it potentially violates Article 88-1 of the Election and Recall Act.

The report added there is a potential for a six-month imprisonment, detention or a fine of up to 100,000 New Taiwan dollars, which is approximately $3,188.

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In 2022, Polymarkets faced regulatory challenges in the United States.

Headquartered 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 non-designated facility” since June 2020.

However, during the 2020 U.S. election, Polymarket saw significant trades take place on its platform, posting a new volume record of more than $10 million.

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