Investigation: Crypto Gambling for Taiwan Presidential Election Betting

Bittime - Investigation: Crypto gambling for presidential election bets in Taiwan between a man must face legal action.

In Indonesia the problem is judol (online gambling), but in Taiwan the problem is actually crypto gambling which is used for betting on the presidential election.

Crypto Gambling Investigation of Taiwan's Presidential Choice

A man in Taiwan was charged with violating the Presidential and Vice Presidential Election Withdrawal Act after using an online crypto gambling site to place bets on the outcome of the presidential election. 

In Taiwan, thirty people have been arrested for engaging in betting activities related to the country's elections.

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On Monday, LTN, a news media from Taiwan, reported that a man faced charges of violating the Law on Withdrawing Presidential and Vice Presidential Elections in late 2023. 

The Prosecutor's Office in Shilin District accused a man named Chen of using crypto betting site Polymarket to place bets of about $500 on the presidential election.

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Polymarket intermediary

Source: https://bitcoinist.com/

Chen allegedly used his cell phone to access Polymarket and bet 472.17 USDC on Ko Wen-je's victory in the presidential election. 

Additionally, he also bet 60.16 USDC that the Democratic Progressive Party (DPP) would win the majority of legislative seats.

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Authorities' investigation concluded that Chen placed bets between December 12 and December 17, a month before the event. 

As a result, this Taiwanese man was charged with violating the Presidential and Vice Presidential Election Recall Act which prohibits gambling on election results.

Prosecutors also claimed that Chen violated public election laws by "using the internet to bet on the election results of central government officials."

Gambling on Presidential Elections in Taiwan Is Unlawful

In general, Taiwan does not allow its citizens to gamble, including crypto gambling, to bet on Taiwan's presidential election or electoral elections.

According to Article 88-1 of the Electoral Withdrawal Act, Taiwan residents who bet on their country's election results, either live or online, can be sentenced to up to six months in prison and a fine of up to NT$100,000, equivalent to about $3,100.

"Anyone who bets in a public place or in a place open to the public on the outcome of an election or recall may be punished by imprisonment for a maximum of six months, short-term imprisonment, or a fine of up to NT$100,000. The same applies to gambling via telecommunications equipment , electronic communications, the internet, or other similar means based on the results of the election or recall."

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On the other hand, those who take advantage of election or recall results by providing incentives to gamblers, or providing gambling facilities, can be subject to prison terms of up to five years and a fine of NT$500,000, equivalent to about $15,500.

Based on the report, Chen admitted his actions and collaborated with the authorities, which resulted in the suspension of prosecution against him. 

Due to having no previous criminal record, he was allowed to pay a $4,000 fine to the state treasury and deferred prosecution for one year.

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Taiwanese Government's Tough Stance Blocks Polymarket

Chen is not the only one arrested by Taiwanese authorities for violating the Election Withdrawal Act. 

Local reports say nearly 30 people have been arrested for using Polymarket and other crypto gambling platforms to bet on the election.

Prior to the presidential election, Taiwanese authorities had blocked access to the Polymarket website. 

On December 22, the Criminal Investigation Bureau (CBI) worked with Taiwanese domain name registrars to restrict local access to the crypto prediction site.

In January, authorities arrested 28 people and seized approximately $13,500 in crypto for violating the Election Recall Act. 

Those charged face a maximum sentence of five years in prison if convicted of taking advantage of betting on elections.

According to local reports, more than $700,000 was wagered on the presidential election in just 11 days before the event.

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