With the upcoming Taiwan presidential on Jan. 13, 2024, residents of Taiwan have been reportedly warned in opposition to utilizing cryptocurrency betting platforms to wager on the election end result. This recommendation comes amid an ongoing investigation, with a number of people already referred to as for questioning.
According to a current native report, quite a lot of Taiwanese residents have participated within the decentralized betting platform Polymarket to put bets on the upcoming presidential election.
“The neighborhood reported that a number of people have been summoned for investigation by prosecutors and investigators for taking part in Polymarket bets,” the report said.
Nevertheless, taking part in election-related playing actions in Taiwan is in opposition to the legislation. It was famous that it doubtlessly violates Article 88-1 of the Election and Recall Act.
The report added there’s a potential for a six-month imprisonment, detention or a wonderful of as much as 100,000 New Taiwan {dollars}, which is roughly $3,188.
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In 2022, Polymarkets faced regulatory challenges in the US.
Headquartered in New York, the Commodity Futures Buying and selling Fee (CFTC) initiated authorized proceedings in opposition to the platform in January 2022.
The CFTC claimed that the platform had been working an “unlawful unregistered or non-designated facility” since June 2020.
Nevertheless, throughout the 2020 U.S. election, Polymarket saw significant trades take place on its platform, posting a brand new quantity report of greater than $10 million.
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