A man has been charged with violating Taiwan’s presidential and vice-presidential recall law after using an online crypto-gaming site to bet on the presidential elections. Thirty people have been arrested in Taiwan for betting on the country’s election results.
Man arrested for $500 crypto bet
On Monday, Taiwanese media LTN revealed man faces charges for allegedly violating the late 2023 election recall law. The Shilin District Prosecutor’s Office has charged a man surnamed “Chen” with using crypto betting site Polymarket to bet about $500 on the presidential election. election.
Apparently, Chen used his phone to access the Polymarket website and bet 472.17 USDC on Ko Wen-je winning the presidential election. Additionally, he bet an additional 60.16 USDC that the Democratic Progressive Party (DPP) would win the majority of legislative seats.
Polymarket’s website displays several election-related betting markets. Source: Polymarket
The authorities’ investigation concluded that Chen had bet between December 12 and 17, a month before the event. As a result, the Taiwanese man had violated the Presidential and Vice-Presidential Election Recall Act, which prohibits betting on election results. elections.
Prosecutors also argued that Chen violated the civil servant election law by “using the Internet to bet on the election results of central government officials.”
According to Article 88-1 of the Election Recall Act, Taiwanese citizens who bet on the outcome of the country’s elections, whether in person or online, will face up to six months in prison and a fine of up to go up to NT$100,000, worth around $3,100.
Anyone who plays in a public place or a place open to the public following an election or recall will be sentenced to imprisonment for a maximum period of six months, short-term detention or a fine of up to six months. NT$100,000. The same applies to gambling via telecommunications equipment, electronic communications, the Internet or other similar means on the outcome of an election or recall.
Meanwhile, those who make a profit from the outcome of an election or recall by encouraging betting or providing gambling space, can be sentenced to up to five years and fined of NT$500,000, worth approximately $15,500.
According to the report, Chen confessed to the crime and cooperated with authorities, who granted him a stay of prosecution. Due to the lack of a criminal record, he was allowed to pay a $4,000 fine to the Treasury and defer prosecution for a year.
The repression of the electoral game in Taiwan
Chen is not the first man arrested by Taiwanese authorities. authorities for violating the Election Recall Act. Local reports have said nearly 30 people were arrested for using Polymarket and other crypto gambling sites to bet on the election.
On the eve of the presidential elections, Taiwanese authorities blocked access to Polymarket website. On December 22, the Criminal Investigation Bureau (CBI), alongside Taiwan’s domain name registrar, locally restricted the use of the crypto prediction site.
In January, authorities had stopped 28 people and confiscated approximately $13,500 in crypto for violating the Election Recall Act. The accused faces a maximum sentence of five years in prison if convicted of profiting from betting on an election.
According to local news reports, more than $700,000 had been wagered on the presidential elections 11 days before the event.
Bitcoin (BTC) is trading at $64,705 in the three-day chart. Source: BTCUSDT on TradingView
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