Prosecutors detailed that Chen had staked around 472 USD Coin on Ko Wen-je, the candidate from the Taiwan People’s Party, to win the presidential elections. Additionally, Chen placed a separate bet of 60 USD on the Democratic Progressive Party securing more legislative seats.
The investigation revealed that Chen’s actions violated the President and Vice President Election Recall Act, specifically regarding the prohibition on using web platforms for gambling on election results, an act forbidden by Taiwanese law.
Chen, acknowledging his wrongdoing, pleaded guilty and was subsequently granted deferred prosecution. Since he had no prior convictions, Chen was allowed to defer prosecution for one year and was fined 30,000 yuan (approximately $4,000).
Authorities in Taiwan have issued warnings to Polymarket users, emphasizing that betting on elections is against the law and violators could face severe consequences. According to local reports, individuals who engage in such activities risk penalties including six months in prison, detention, or fines exceeding $3,000.
Last year, an investigation implicated several citizens in crypto betting related to election results. At the beginning of 2024, numerous people across the country were investigated for allegedly placing illegal wagers on the January 13 presidential and legislative elections. Prosecutors conducted raids on five locations in New Taipei, seizing around NT$16.13 million ($519,117) in cash, according to the New Taipei District Prosecutors Office.
Polymarket, the crypto betting platform at the center of this controversy, has previously faced regulatory hurdles. In 2022, the platform encountered significant challenges in the United States, leading to a $1.4 million fine imposed by the Commodity Futures Trading Commission (CFTC). The CFTC ordered Polymarket to shut down markets that did not comply with its regulations and those of the Commodity Exchange Act.
Despite these issues, Polymarket continued to thrive and attract notable investors. On May 14, Ethereum co-founder Vitalik Buterin and Founders Fund, a venture capital firm led by Peter Thiel, invested $70 million into the platform, signaling ongoing confidence in its potential.
Online Gambling Laws in Taiwan and Asia
Online gambling laws in Taiwan are stringent and strictly enforced, reflecting the government’s firm stance against such activities. Under the Taiwanese Criminal Code, all forms of gambling are illegal, including online gambling. The law prohibits the establishment and operation of gambling businesses, and individuals participating in such activities can face severe penalties. For instance, in 2019, Taiwanese authorities arrested several individuals involved in an illegal online gambling ring that generated millions in revenue. This operation underscored the government’s commitment to cracking down on unauthorized gambling activities, with offenders facing substantial fines and imprisonment.
When compared to other Asian countries, Taiwan’s strict approach to online gambling stands out. In contrast, the Philippines offers a more lenient regulatory environment, where the Philippine Amusement and Gaming Corporation (PAGCOR) licenses and regulates online gambling operators, allowing them to operate legally within the country. Similarly, Singapore has established a controlled and regulated online gambling market through the Remote Gambling Act, permitting only approved operators like Singapore Pools and Singapore Turf Club to offer online gambling services. These examples highlight the diversity in regulatory approaches across Asia, with Taiwan maintaining a zero-tolerance policy towards online gambling, while other countries adopt more regulated and controlled frameworks.
CoinPoker: Pioneering Online Poker with Blockchain Innovation
CoinPoker is shaking up the online poker world by utilizing blockchain technology to provide a secure and transparent environment for its players. One of its key innovations is doing away with traditional Know Your Customer (KYC) procedures, making the sign-up process simpler and faster for new users. The platform uses its own cryptocurrency, CHP (CoinPoker’s Chips), for swift and smooth transactions. Additionally, CoinPoker offers lower rake fees and attractive rakeback deals, enhancing the player experience.
Key Features of CoinPoker
- User Anonymity: CoinPoker protects player identities, ensuring privacy even during transactions.
- Expanded Offerings: Initially focusing on poker, CoinPoker has branched out into sports betting, maintaining a specialized focus unlike more general gambling platforms.
- Specialized Gaming: The platform does not include slot machines or typical casino games like blackjack, baccarat, and roulette.
- Other Options: For those looking for a broader range of games, platforms like Lucky Block, TG.Casino, and Mega Dice offer more variety.
Poker Tournaments and Gameplay
CoinPoker organizes tournaments with real money prizes, giving players a chance to hone their poker skills against opponents from around the globe. While the platform offers fewer types of games, it is popular among serious poker players. Competing with bigger sites such as Lucky Block, Mega Dice, and TG.Casino, CoinPoker stands out by:
- Utilizing Blockchain Technology: Ensuring transparency and reliability in its random number generation (RNG) system.
- Implementing Strong Anti-Fraud Measures: Protecting against cheating through the use of automated detection systems.
Sports Betting and Responsible Gambling
- Competitive Sports Betting Odds: CoinPoker provides a mobile app for sports betting enthusiasts, available on both Android and iOS.
- Commitment to Responsible Gambling: Features include high betting limits, a self-exclusion tool, and a responsible gaming officer to promote moderation.
- Regulated Environment: Licensed by Curacao, ensuring a secure and regulated gambling experience.
Range of Poker Games
CoinPoker offers a selection of popular poker variants, delivering engaging and top-quality gaming experiences, such as:
- Texas Hold’Em
- Omaha Hold’em
- Bad Beat Jackpot
- Short Deck Poker
- 5-Card Omaha
- No-Limit Hold’em
- Pot-Limit Omaha
Poker fans will find CoinPoker’s wide range of tournaments highly rewarding. For more information and to try out CoinPoker, visit their website.
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