- Taiwanese citizens have been advised against utilizing crypto-betting platforms to place bets on the results of the forthcoming presidential election.
- A recent local story claims that several Taiwanese nationals have bet on the next presidential election using the decentralized betting website Polymarket.
Taiwanese citizens have allegedly been advised against utilizing crypto betting platforms to place bets on the results of the forthcoming presidential election scheduled for January 13, 2024.
This counsel is being given in the midst of an investigation that has already called for the questioning of multiple people.
A recent local story claims that several Taiwanese nationals have bet on the next presidential election using the decentralized betting website Polymarket. According to the report:
“The community reported that several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets,”
It is illegal to engage in gambling activities related to elections in Taiwan, nevertheless. It was mentioned that the Election and Recall Act’s Article 88-1 might be broken by it.
According to the report, there is also a possibility of a fine of up to 100,000 New Taiwan dollars, or around $3,188, or six months in jail or detention.
Polymarkets encountered regulatory obstacles in the US in 2022. The Commodities Futures Trading Commission (CFTC), which has its headquarters in New York, filed a lawsuit against the platform in January 2022.
Since June 2020, the platform, according to the CFTC, has been running an unauthorized, unregistered, or non-designated facility.
On the other hand, Polymarket witnessed large trading during the 2020 US election, setting a new record for volume at over $10 million.
The chief legal officer of Ripple, Stuart Alderoty, has made forecasts regarding the fate of cryptocurrencies in 2024. Alderoty predicts that the resolution of Ripple’s lawsuit against the SEC may take place in 2024 and highlights the possible consequences of the agency’s continued “regulation by enforcement” strategy for the cryptocurrency industry.
Alderoty even speculates that ongoing legal issues would make their way to the US Supreme Court, expressing his belief that the court will play a significant role in preventing SEC abuse.