Taiwan Blocks Coinbase and Kalshi to Protect Election Integrity
- Taiwan’s New Taipei District Court ordered the blocking of Coinbase and prediction market Kalshi under its Public Officials Election and Recall Act.
- The court’s decision aims to prevent overseas interference in Taiwan’s upcoming elections on November 28.
- Kalshi lists Taiwan as a restricted jurisdiction but has active markets, including one with about 198,000 contracts traded for the Taipei mayoral race.
- Under the amended election law, gambling operators face up to five years in prison, while individuals betting on elections could face six months.
- Authorities have expressed concerns about potential money flows from mainland China affecting the election process.
Coinbase’s website has been inaccessible in Taiwan since October, following a court order aimed at safeguarding election integrity from foreign influence. Despite restrictions, Kalshi continues to list markets related to Taiwan’s local elections.
This legal action reflects Taiwan’s strict stance against election betting and overseas interference, highlighting the broader regional efforts to regulate cryptocurrency-based prediction markets. (Source)
