Authorities in Taiwan have reportedly advised citizens against cryptocurrency-based betting on the country’s upcoming presidential election set for January 2024. The warning comes as prosecutors investigate several residents for participating in election outcome wagers on Polymarket.
While details remain limited, a local report noted some individuals have already faced questioning for bets placed on the decentralized betting platform. Gambling on election results violates Taiwan’s Election and Recall Act, potentially incurring fines up to $3,188 or even imprisonment.
Polymarket, which is based in New York, drew regulatory heat in 2022 from the Commodity Futures Trading Commission in the US over facilitating derivatives trading without proper registration. During the 2020 US election, it saw record trading volumes topping $10 million for event contracts.
As crypto permeates global finance, Taiwan’s inquiry highlights challenges for regulators around platforms enabling pseudonymous and borderless betting markets with little oversight. The election wager investigation suggests tolerance may be limited, at least in contexts like gambling on democratic processes.
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