Taiwanese law enforcement is investigating individuals within the crypto community and online influencers who have been promoting a Polymarket contract related to Taiwan's upcoming election. Polymarket allows users to bet on the election outcome, with over $300,000 currently wagered. However, betting on elections is explicitly prohibited under Taiwan's Presidential and Vice Presidential Election and Recall Act, with penalties including fines, detention, or imprisonment. While enforcement is primarily handled by the Commodity Futures Trading Commission in the US, Taiwan faces jurisdictional challenges when it comes to overseas platforms like Polymarket. Law enforcement is likely to focus on influencers promoting the contract, as they fall within Taiwan's jurisdiction. The decentralized nature of Polymarket and its lack of physical presence in Taiwan limit the authority of the Taiwanese judicial system over the platform. Recent cases involving online influencers promoting trading platforms have demonstrated the legal implications of such promotional activities. The Financial Supervisory Commission in Taiwan has also established a Financial Technology Bureau to oversee cryptocurrencies and increase regulation. The bureau will be responsible for increasing regulation in the cryptocurrency market. The FSC is also exploring the possibility of introducing cryptocurrency exchange-traded funds and studying foreign cryptocurrency futures products and ETFs. The intention is to gradually ease restrictions in line with global market conditions.
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