Taiwan Opens Inquiry into Cryptocurrency Betting on Election Results
Taiwanese authorities have captured participants who were placing bets regarding the outcome of upcoming presidential elections. The officials intercepted a DeFi betting platform called Polymarket. This platform generated record trading volume during the 2020 presidential elections.
However, Taiwan a region for volatile geo-political development is now preparing for national presidential elections on 13th January, 2024. On this account, authorities have issued a strict warning against betting platforms to place bets regarding election results.
Furthermore, regulators are also conducting investigation and have nominated various suspects who have been called for interrogation. Local media outlet recently reported that a considerable number of Taiwanese nationals are found to be participating in the betting platform Polymarket.
Prosecutors are conducting interviews with various individuals who are suspected of using Polymarket to place bets regarding outcome of the presidential elections. However, this type of betting is illegal as per the Taiwanese constitution.
Regulators Warn Taiwanese Citizens Regarding Decentralized Gambling
Regulators from Taiwan have issued a warning to Taiwanese citizens regarding placing bets on election outcomes. The law enforcement agencies have noted that such an act is a direct violation of Article 88-1 of the Election and Recall Act.
The notification also added a consequence of 6-month jail time or fine up to 100,000 New Taiwanese Dollars translated to $3,188. Polymarkets— was facing lawsuits in the United States in 2022. The Commodity and Futures Trading Commission brought lawsuit against the DeFi platform in 2022.
The charges alleged that it was operating as illegal, unregistered, and non-designated services provider since 2020 June. Nevertheless, trading volume on Polymarket inflated during the 2020 US presidential elections with the platform generating $10 million in revenues.
The CFTC lawsuit led to a $1.4 million penalty for the firm. CFTC official retained that Polymarket failed to apply for Designated Contract Market (DCM) or Swap Execution Facility (SEF) licenses.
Taiwan Capital to Host Blockchain Week
BTSE a digital currency trading platform hailing from Taiwan sponsored the 2023 Blockchain Week in Taipei. The firm played an important role in development of DeFi and aligns with the progressive stance.
Taipei CEO, Henry Liu, talked about working with industry professionals such as BitMEX COO Raphael Polansky and Carmen Tan CCO at CoinW. He further shared his mission to empower startups and contribute to the development of the blockchain landscape within the region.
Liu also stated that the firm is working on introducing innovative technical solutions such as non-identifying KYC methods.
He also talked about taking a selective and risk-managed approach for token listing. During the Sora Summit, Liu shared valuable insights regarding role of digital trading platforms in Web3 sector. He put emphasis on shifting technology-based narratives within blockchain industry and advocated for user-friendly services based on market demands.
He shared technical solutions to address issues such as network congestion and consolidated his goal to promote a growth and innovative approach within digital asset industry. At the same time, he also talked global objectives of BTSE that align with fintech innovations of Taiwan. During the event, BTSE was access valuable networking and prospect business ventures.
The firm talked about plans for undertaking major milestones for 2024 such as bridging the gap between traditional and digital finance. The trading platform operates as a licensed entity and offers simple and secure way to trade digital currencies.
