As a crypto investor and follower of global news, I find the recent developments in Taiwan regarding the detainment of individuals for betting on presidential elections using cryptocurrency platforms quite intriguing. While I personally support the idea of upholding fair elections and regulations, the severity of the penalties seems disproportionate to the crime.
A man is under investigation in Taiwan for allegedly violating the President and Vice President Election Recall Act by placing bets on presidential election outcomes via a cryptocurrency gambling platform. Thirty individuals have been arrested in Taiwan for engaging in similar betting activities concerning the nation’s electoral results.
Man Detained For $500 Crypto Betting
As a crypto investor following news from Taiwan, I learned on Monday that a man named Chen is under investigation for potentially violating the election recall act late last year. The Shilin District Prosecutor’s office claimed this individual allegedly placed bets worth approximately $500 on the presidential election outcome using the crypto-betting platform Polymarket.
It appears that Chen placed two bets on Polymarket’s website using his phone. He wagered 472.17 USDC on Ko Wen-je’s victory during the presidential elections, and an additional 60.16 USDC that the Democratic Progressive Party (DPP) would secure a majority of legislative seats.
As a crypto investor looking back at past events, I can tell you that Chen’s actions were discovered to have taken place between December 12 and December 17, well before the elections took place in January. Unfortunately, this Taiwanese individual had broken the law by placing bets on the election outcomes, contravening the President and Vice President Election Recall Act, which clearly states that gambling on such events is forbidden.
Prosecutors additionally contended that Chen broke the law governing public officials’ elections by “placing wagers online on the outcomes of the central government officials’ electoral results.”
Under Article 88-1 of the Election Recall Act, Taiwanese citizens could be imprisoned for up to six months and fined up to NT$100,000, approximately $3,100, if they bet on the results of national elections, whether in person or online.
An individual who engages in gambling related to public elections or recalls, either in person at a public location or through telecommunication devices, the internet, or any other comparable methods, will be subjected to penalties including a maximum six-month imprisonment term, short-term detention, or a fine capped at NT$100,000.
Individuals who gain financially from elections or recalls by encouraging betting or providing gambling platforms face penalties including imprisonment for up to five years and fines of approximately NT$500,000, equivalent to roughly $15,500.
According to the report, Chen admitted to committing the crime and worked with law enforcement, leading to him receiving a deferred prosecution. Since he had no prior criminal history, he was permitted to pay a $4,000 fine to the government and postpone the prosecution for a year.
Taiwan’s Crackdown On Electoral Gambling
Chen wasn’t the only man apprehended by Taiwanese officials for violating the election recall law. According to local news, approximately 30 individuals have been taken into custody for wagering on elections via platforms like Polymarket and other crypto-gambling sites.
Prior to the presidential elections in Taiwan, the authorities took action against Polymarket’s website. On December 22, the Criminal Investigation Bureau (CBI) collaborated with Taiwan’s domain name registrar to prohibit local access to the crypto prediction site.
As a financial analyst, I would rephrase the given text as follows:
Based on local news sources, approximately $700,000 was bet on the presidential election 11 days prior to the actual voting.
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2024-06-19 08:12