🟥 Taiwan authorities announced a ban on betting on cryptocurrency sweepstakes Polymarket Taiwanese authorities said that as the presidential election scheduled for January 13, 2024 approaches, more and more of the country's citizens are getting involved in betting games organized by DeFi platform Polymarket. Taiwanese residents are using Polymarket's decentralized prediction platform to bet on the outcome of the vote. Engaging in such gambling, officials said, is strictly prohibited in Taiwan and violates provisions of election laws. Officials reminded that the consequences of violating the law can carry up to six months in jail or a fine of more than $3,000.