A man is accused of violating Taiwan’s Presidential and Vice Presidential Election Recall Act after using a crypto-gambling site to bet on the presidential election. 30 people have been arrested in Taiwan for betting on the results of the country’s election.
Man Arrested For $500 Crypto Bet
On Monday, Taiwan’s LTN newspaper revealed a man facing charges for allegedly breaking the law to cancel the election at the end of 2023. The Shilin District Prosecutor’s Office has accused a man surnamed “Chen” of using a crypto-betting site. Polymarket will bet about $500 on the presidential election.
Apparently, Chen used his phone to access the Polymarket website and bet 472.17 USDC on Ko Wen-je’s victory during the presidential election. In addition, he bet another 60.16 USDC that the Democratic Progressive Party (DPP) will win the majority of legislative seats.
Polymarket’s website displays several election-related betting markets. Source: Polymarket
The authorities’ investigation concluded that Chen placed the bet between December 12 and December 17, a month before the event. As a result, the Taiwanese man had violated the Presidential and Vice Presidential Election Commemoration Law, which prohibits gambling on election results.
Prosecutors also said Chen violated the official election law by “using the Internet to gamble on the results of elections for central government officials.”
According to article 88-1 of the Election Recall Act, Taiwanese citizens who gamble on the outcome of the country’s election, whether it is conducted in person or online, will face up to six months in prison and a fine of up to NT$100,000, which is worth almost all. $3,100.
A person who gambles in a public place or in a place open to the public with the result of an election or adjournment to prison shall be sentenced to a fixed term not exceeding six months, to imprisonment for a short period, or to a fine not exceeding. NT$100,000. The same shall apply to gambling by telephone, electronic communication, the Internet, or other similar means on the result of an election or recall.
Meanwhile, those who profit from the election result or recall by promoting betting, or by providing gambling facilities, can receive a five-year sentence and a fine of NT$500,000, which is worth about $15,500.
According to the report, Chen pleaded guilty and cooperated with authorities, which allowed him to have his prosecution deferred. Because of his lack of a criminal record, he was allowed to pay a $4,000 fine to the public treasury and postpone his prosecution for a year.
Taiwan’s Crackdown On Electoral Gemling
Chen was not the first man to be arrested by Taiwanese authorities for violating the election annulment law. Local reports informed about 30 people arrested for using Polymarket and other crypto-gambling sites to bet on the election.
Before the presidential election, Taiwanese authorities blocked Polymarket’s website. On December 22, the Criminal Investigation Bureau (CBI), along with Taiwan’s domain name registrar, banned the use of a crypto prediction site in the country.
By January, authorities had arrested 28 people and confiscated an estimated $13,500 for violating the election recall law. The accused faces a fixed sentence of five years if found guilty of profiting by betting on elections.
According to local reports, more than $700,000 was bet on the presidential election 11 days before the event.
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