With the Taiwanese presidential election approaching in a month, Taiwanese residents have reportedly been warned towards utilizing cryptocurrency betting platforms to guess on the presidential election outcomes. The recommendation comes amid an ongoing investigation, with a number of people already being summoned for questioning.
Based on a latest native report, quite a few Taiwanese residents have participated in decentralized betting platform Polymarket to guess on the upcoming presidential election scheduled for January 13, 2024.
“The neighborhood reported that a number of people have been known as in for investigation by prosecutors and investigators for his or her participation in Polymarket betting,” the report acknowledged.
![](https://s3.cointelegraph.com/uploads/2023-12/401d5377-e05b-4580-9bd3-f71fdef24290.png)
Nevertheless, partaking in election-related playing actions in Taiwan is towards the regulation. It was famous that it will probably violate Part 88-1 of the Elections and Impeachment Regulation.
There’s a risk of six months imprisonment, detention or a nice of as much as NT$100,000, roughly US$3,188, the report added.
Associated: Crypto playing web site Stake noticed $41 million withdrawn in a confirmed hack
Simply final yr, Polymarkets confronted regulatory challenges within the US.
The Commodity Futures Buying and selling Fee (CFTC), headquartered in New York, started authorized proceedings towards the platform in January 2022.
The CFTC claimed that the platform had been working an “illegal, unregistered or unallocated facility” since June 2020.
Nevertheless, throughout the 2020 US elections, Polymarket noticed important buying and selling, setting a brand new quantity document of over $10 million.
journal: Terrorism and the conflict between Israel and Gaza have been weaponized to destroy cryptocurrencies