Taiwan launches investigation into cryptocurrency betting on election results: Report
Key Takeaways
Taiwanese citizens have been advised not to utilize cryptocurrency betting platforms to bet on the outcome of the upcoming presidential election.
According to recent local stories, several Taiwanese citizens have used decentralized betting website Polymarket to bet on the next presidential election.
Taiwanese citizens have reportedly been advised not to utilize cryptocurrency betting platforms to bet on the outcome of the presidential election scheduled for January 13, 2024.
The advice comes amid an ongoing investigation that has already required the questioning of several people.
According to recent local stories, several Taiwanese citizens have used decentralized betting website Polymarket to bet on the next presidential election. according to the report:
“News has reached the community that several people have been summoned for questioning by prosecutors and investigators on suspicion of participating in Polymarket betting.”
Nonetheless, it is illegal to engage in election-related gambling activities in Taiwan. It was mentioned that this may violate Article 88-1 of the Election and Recall Act.
According to the report, they could face a fine of up to 100,000 New Taiwan Dollars (about $3,188) or a prison sentence of up to six months.
Polymarket faces regulatory hurdles in the U.S. in 2022. The New York-based Commodity Futures Trading Commission (CFTC) filed a lawsuit against the platform in January 2022.
According to the CFTC, the platform has been operating unauthorized, unregistered, and undesignated facilities since June 2020.
Meanwhile, PolyMarket recorded large-scale trading in the 2020 US election, setting a new trading volume record of over $10 million.
Stuart Alderoty, Ripple’s chief legal officer, has made a prediction about the cryptocurrency’s fate in 2024. Alderoty predicts that a resolution of Ripple’s lawsuit against the SEC could occur in 2024 and highlights the possible consequences of the agency’s continued “regulation by enforcement.” ” Cryptocurrency Industry Strategy.
Alderoty speculates that the ongoing legal challenge will make its way to the U.S. Supreme Court and expressed belief that the court will play an important role in preventing SEC abuses.
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