Bitrabo Editorial
An individual in Taiwan is under scrutiny for violating the President and Vice President Election Recall Act by placing bets on the presidential elections through an online crypto-gambling platform. A total of 30 individuals have been apprehended in Taiwan for engaging in betting activities related to the country’s electoral outcomes.
Man Arrested for Crypto Betting Worth $500
Reports from a Taiwanese news organization, LTN, disclosed that a man, identified as “Chen,” is being accused of contravening the election recall act towards the end of 2023. The Shilin District Prosecutor’s office alleged that Chen used the crypto-betting site Polymarket to gamble approximately $500 on the presidential election.
Chen reportedly utilized his mobile phone to access Polymarket’s platform and wagered 472.17 USDC on Ko Wen-je’s triumph in the presidential elections. In addition, he placed another 60.16 USDC bet on the Democratic Progressive Party (DPP) securing a majority of legislative seats.
An investigation by authorities revealed that Chen placed these bets between December 12 and December 17, a month before the election. Consequently, the Taiwanese citizen violated the President and Vice President Election Recall Act, which prohibits gambling on election results.
Prosecutors contended that Chen also breached the public official election law by engaging in “internet gambling on the results of central government officials’ elections.”
As per Article 88-1 of the Election Recall Act, individuals in Taiwan who gamble on the country’s elections, whether in person or online, could face up to six months in jail and a fine of up to NT$100,000, equivalent to about $3,100.
Anyone betting in a public or open place on an election or recall outcome may face imprisonment for up to six months, short-term detention, or a fine not exceeding NT$100,000. The same penalties apply to gambling via telecommunications, electronic communication, the internet, or similar means on electoral outcomes.
Individuals profiting from election bets or facilitating gambling for elections could be sentenced to a maximum of five years and fined NT$500,000, approximately $15,500.
Chen admitted to the offense and cooperated with authorities, leading to deferred prosecution. Due to his clean record, he paid a $4,000 fine to the public treasury and will have his prosecution deferred for a year.
Taiwan’s Clampdown on Electoral Betting
Chen is not the sole individual detained by Taiwanese authorities for violating the election recall act. Nearly 30 people have been arrested for betting on elections using platforms like Polymarket and other crypto-gambling sites.
In preparation for the presidential elections, Taiwan authorities blocked access to Polymarket’s website. The Criminal Investigation Bureau (CBI) and the local domain name registrar barred the crypto prediction site’s usage in the region on December 22.
By January, authorities had apprehended 28 individuals and seized about $13,500 in crypto for violating the election recall act. If found guilty of profiting from election bets, the accused could face a maximum of five years in prison.
Reports indicate that over $700,000 had been wagered on the presidential elections eleven days before the actual voting took place.
