With the Taiwan presidential election only weeks away, residents are being cautioned against using cryptocurrency betting platforms to wager on the outcome.
This warning comes as prosecutors investigate several individuals who have already been brought in for questioning for doing just that.
According to a report, some Taiwanese citizens have used the betting website, Polymarket, to bet on the presidential election happening on January 13th, 2024.
However, betting on any election is against Taiwan’s laws, stating that betting activities could lead to up to six months in jail, detention, or fines of up to NT$100,000 (approximately $3,188).
Polymarket, which is headquartered in New York, ran into regulatory troubles last year in the United States. The Commodity Futures Trading Commission (CFTC) claimed the platform had been operating an unregistered facility for trading event contracts since June 2020.
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