Taiwan is gearing up for its closely contested presidential election scheduled for next Saturday, 13 January 2024. The political tension surrounding the election has spilled over into the realm of illegal decentralised betting platforms, with Polymarket's betting pool on "Taiwan Presidential Election: Who will win?" attracting nearly $700,000 in wagers.
The betting pool, which initially garnered around $185,000 in bets in early December, has experienced an exponential surge of 370% as the election draws near. This rapid increase underscores the growing interest and participation in cryptocurrency-based gambling activities.
In a recent development, authorities have cracked down on individuals involved in Polymarket betting, with 11 suspects apprehended across 7 cities and counties in Taiwan. The crackdown, led by Prosecutor Zhang Wenjie, involved coordinated efforts by criminal investigation units from various police departments. The operation, executed on 29 December, resulted in the seizure of nearly 8,000 USDC (US Dollar Coin) and revealed a total betting volume of approximately 500,000 USDC, equivalent to around 15 million Taiwanese dollars.
The prosecution has invoked the Presidential and Vice Presidential Election and Recall Act, specifically Article 88-1, which stipulates penalties for gambling activities targeting election or recall results. Offenders face imprisonment for up to six months, detention, or fines not exceeding NT$100,000.
The investigation into the 11 individuals involved in the betting pool is ongoing. Authorities emphasise the need for individuals to refrain from using violence, money, betting platforms, or rumours to interfere with elections. Citizens encountering election-related disruptions are urged to report incidents to the dedicated hotline at 0800-024099, contributing to the safeguarding of democratic principles.
Prior to this crackdown, the Yunlin County police arrested 17 gamblers involved in Polymarket in the previous month. The authorities deployed over 70 officers across multiple locations, resulting in the apprehension of 17 individuals and the confiscation of over 5,500 USDC, totaling over NT$170,000. It serves as a reminder that authorities can trace the flow of funds from centralised exchanges to decentralised betting platforms.
As Taiwan's presidential election approaches, the surge in cryptocurrency-based gambling activities raises concerns about potential legal violations. It is advisable for readers and users to steer clear of engaging in any gambling activities that may breach election laws or other relevant regulations, particularly during this sensitive period of Taiwan's elections.
The incidents surrounding the Polymarket betting pool highlight the challenges posed by the intersection of cryptocurrency and political events. While cryptocurrencies offer innovative financial solutions, their misuse in gambling activities jeopardises the integrity of democratic processes. Authorities must continue to adapt and implement stringent measures to curb illicit practices, ensuring that the democratic foundation of elections remains unharmed amidst the evolving landscape of digital finance.
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