A man in Taiwan is facing legal trouble for using the crypto betting platform Polymarket to wager on the 2024 elections.
Prosecutors in Taiwan have charged a man, identified only by his surname “Chen,” for placing bets on the country’s 2024 elections, which concluded on June 13. The Shilin District Prosecutor’s Office claims Chen used Polymarket to bet approximately 472 USD Coin (USDC) on candidate Ko Wen-je winning the presidential election. Additionally, Chen placed a $60 bet that the Democratic Progressive Party would secure more legislative seats.
The investigation revealed that Chen’s actions violated Taiwan’s laws against using the internet for gambling on election results. According to the President and Vice President Election Recall Act, citizens are prohibited from using online platforms to bet on election outcomes.
Chen admitted to the charges and was granted deferred prosecution. Given his lack of prior convictions, he was allowed to defer prosecution for a year and was fined 30,000 yuan (around $4,000).
Taiwan Warns Against Betting on Elections Using Polymarket
Authorities in Taiwan have issued warnings to citizens against using crypto betting platforms like Polymarket to wager on election results, as it constitutes a legal violation. Local reports indicate that violators could face penalties including up to six months of imprisonment, detention, or fines exceeding $3,000.
Summary Review: The case of Chen highlights the legal risks associated with using crypto platforms for election betting in Taiwan. As the government continues to crack down on such activities, it serves as a warning to others about the potential consequences of engaging in illegal online gambling. The incident underscores the importance of understanding and complying with local laws, especially in the rapidly evolving landscape of cryptocurrency and online betting.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
