Taiwanese Man Faces Charges for Betting on 2024 Elections Through Polymarket
A man from Taiwan, known as “Chen,” has been accused by local prosecutors of using the cryptocurrency betting platform Polymarket to place bets on the outcome of the 2024 Taiwan elections. Despite admitting to his actions, Chen received deferred prosecution and a fine due to his clean record.
Polymarket is a well-known platform in the cryptocurrency world that allows users to bet on a wide range of topics, from serious financial matters to more trivial subjects. According to the Shilin District Prosecutor’s Office, Chen wagered approximately 472 USD Coin (USDC) on Polymarket, predicting that Ko Wen-Je of the Taiwan People’s Party would win the presidential election. He also bet 60 USDC on the Democratic Progressive Party (DPP) winning more legislative seats.
An investigation revealed that Chen’s bets violated Taiwan’s laws regarding online gambling on election results, specifically under the “Public Servants Recall Act.” As a result, Chen was found to have broken the law and was granted deferred prosecution for a year, along with a fine of 30,000 yuan (around $4,000).
Taiwan has been actively cracking down on the use of crypto betting platforms like Polymarket for election gambling, with several individuals being summoned in 2023 for similar activities. Authorities have stressed that participating in such activities is illegal and could lead to severe penalties, including imprisonment and hefty fines.
In response to the growing concerns around cryptocurrency-related crimes, Taiwan’s Ministry of Justice has proposed stricter amendments to its anti-money laundering (AML) laws targeting crypto firms. These amendments would require both domestic and international crypto companies operating in Taiwan to register for AML compliance, with non-compliance potentially resulting in imprisonment and fines of up to $1.5 million.
Furthermore, in a joint effort with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office, Binance recently took action against a major cryptocurrency-related money laundering case involving nearly NT$200 million ($6 million). Nine suspects were indicted on charges including fraud, money laundering, and organized crime violations.
Taiwan is clearly taking steps to tighten regulations around cryptocurrencies and promote industry self-regulation. The Financial Supervisory Commission (FSC) has announced plans to introduce new laws for digital assets by September 2024, further demonstrating the country’s commitment to creating a safe and secure environment for cryptocurrency activities.
