Taiwan authorities have declared a ban on citizens engaging in betting activities on the decentralized prediction market platform, Polymarket, as the presidential elections scheduled for January 13, 2024, approach. Residents of Taiwan have been using the decentralized prediction platform, Polymarket, to place bets on the election outcomes. Officials state that participating in such gambling activities is strictly prohibited in Taiwan and violates election laws.
Officials emphasized that the consequences of violating the law could lead to imprisonment for up to six months or a fine exceeding $3,000.
Law enforcement agencies in Taiwan have initiated an investigation into the activities of the creators of the prediction market, leading to the detention and questioning of several citizens.
Earlier in the year, the prediction market service Polymarket announced the blocking of access to its platform for users from the United States. This blockade was part of an agreement to settle claims against Polymarket by the CFTC for lack of registration.
