With just a month left until the Taiwan presidential election, authorities caution residents against using cryptocurrency betting platforms to wager on the outcome. This advisory follows an ongoing investigation, with numerous individuals already summoned for questioning.
Candidates & Cryptocurrency Caution
As the countdown to the Gulf presidential election officially commences, cryptocurrency users are urged to steer clear of illegal online gambling activities. Recent reports indicate that Taiwan’s investigation unit has been mobilized to monitor and address any illicit behavior that might impact the election.
The three major groups of presidential and vice-presidential candidates include Lai Xiaopei (Lai Qingde, Xiao Meiqin) of the Democratic Progressive Party, Hou Kangpei (Hou Youyi, Zhao Shaokang) of the Kuomintang, and Ke Yingpei (Ke Wenzhe, Wu Xinying) of the People’s Party. However, with election day near, cryptocurrency enthusiasts must exercise heightened vigilance to avoid becoming ensnared in unlawful online gambling pursuits.
Community members have reported the Bureau of Investigation making inquiries and conducting investigations. Taiwan’s presidential election has unwittingly become a focal point for the illegal decentralized gaming platform Polymarket. While some may perceive betting on predictions as part of an on-chain transaction, engaging in such activities concerning Taiwan’s elections poses significant legal risks.
Reports from the community suggest that individuals participating in Polymarket gambling have already been interviewed and investigated by prosecutors and investigators. Renowned cryptocurrency influencer Woody has also issued a stern warning, advising against participating in any predictions or gambling tied to the presidential election to evade potential arrests during this sensitive period.
Cryptocurrency users may find themselves violating Article 88-1 of the Election and Recall Act, regardless of the bet size. Such on-chain gambling behaviors could lead to imprisonment for up to six months, criminal detention, or fines not exceeding NT$100,000.
The community further emphasizes that transferring funds from centralized exchanges to relevant platforms allows inspection units to track cash flows. Readers and users are strongly advised to abstain from gambling activities that may contravene election and recall laws or other relevant legislation, particularly during the heightened sensitivity surrounding Taiwan’s elections.
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