- Taiwanese gambler faces prosecution for crypto bets on presidential election.
- The participant used the Polymarket platform and USDC stablecoins for bets.
- The case highlights the authorized dangers related to crypto playing.
Gambler Polymarket in Taiwan is dealing with authorized penalties for betting on the end result of the presidential election earlier this yr.
A person named Chen used the playing web site Polymarket to guess US$472.17 on Ke Wenzhe's victory within the presidential race and one other US$60.19 on the power of the Democratic Progressive Get together (DPP) to win extra legislative seats.
After an investigation, Taiwanese authorities charged Chen with violating election legal guidelines, however supplied him a keep of prosecution citing his responsible plea. The deferred prosecution alleges that between December 12 and 17 of the earlier yr, Chen used his cell phone to enter Polymarket and place bets.
By his actions, he violated the legislation, which particularly prohibits web playing on election outcomes. Moreover, his bets got here below the scrutiny of the Public Servants Recall Act, which criminalizes election playing involving central public officers.
Regardless of the overwhelming quantity of proof, prosecutors took under consideration Chen's lack of legal document and his cooperative habits in the course of the investigation. Consequently, Chen was given a deferred prosecution for one yr on the situation that he pay a advantageous of 30,000 yuan to the treasury.
Deferred prosecution is a type of second likelihood for first-time offenders like Chen to keep away from fast sentencing on the situation that they plead responsible.
In 2019, Eric Behnke, an American citizen who operated an internet on line casino known as “Seals with Golf equipment”, was arrested and charged with working an unlawful playing enterprise and cash laundering. The location allowed customers to gamble with bitcoins and was one of many first of its form to just accept cryptocurrencies as a type of fee.
With the rise of digital property, the web playing scene has introduced new complexities and dangers comparable to anonymity and ease of transactions. The Chen and Behnke circumstances spotlight the authorized risks of crypto playing.
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