Taiwan authorities launch investigation into crypto betting on election results: report

Several Taiwanese residents were would have using THE decentralized bet platform Polymarket, THE even platform that saw record trade volumes during THE 2020 United States election.

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With THE Taiwan presidential election imminent In A month, residents of Taiwan to have has been would have warned against using cryptocurrency bet platforms has bet on THE presidential result. This advice come in the middle of A in progress investigation, with several people Already called For questioning.

According to has A recent local report, A number of Taiwanese citizens to have participated In THE decentralized bet platform Polymarket has place Paris on THE Future presidential election program For January 13, 2024.

"THE community reported that several people to have has been summoned For investigation by prosecutors And investigators For participant In Polymarket Paris, " THE report said.

Taiwan presidential election odds. Source: Polymarket

However, participant In related to elections gambling activities In Taiwan East against THE law. He was note that he potentially viol Article 88-1 of THE Election And Reminder Take action.

THE report added there East A potential For A six months imprisonment, detention, Or A GOOD up has NT$100,000, which East approximately $3,188 USD.

Related: Cryptocurrency gambling site Bet see $41 million took of In confirmed hack

Just last year, Polymarkets confronted regulatory challenges In THE United States.

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