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Cryptocurrency users in North America will be prohibited from staking the ERC-20 ApeCoin token issued by Yuga Labs, according to the company. It is explained that this decision was made due to the current regulatory environment.
The statement from the ApeCoin team also talks about the upcoming launch of ApeStake.io. The site will go live on December 5th, and stakers will be able to start earning rewards one week after the launch on December 12th.
Pay attention to the countries and regions that will be geo-blocked for staking: USA, Canada, Syria, Iran, Cuba, Russia, including Crimea, Donetsk and Lugansk.
Staking refers to a service that requires someone to lock up their digital coins in exchange for periodic income. And in this sense, ApeCoin comes to the attention of the US securities market regulators, who during the year suppress the activities of crypto-lenders providing similar services.
The Securities and Exchange Commission (SEC) takes a similar view — last year, the agency banned Coinbase from releasing a lending product. Moreover, Gary Gansler said that Proof-of-Stake cryptocurrencies are like securities.
Last month, a federal agency launched an investigation into Yuga Labs for possible violations of securities laws. It was suspected that some NFTs, as well as Apecoins, might resemble stocks or other securities.
ApeCoin added that third-party companies have already developed alternative interfaces for interacting with the contract in addition to their own website.
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