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Yuga Labs ApeCoin DAO announces that it is geo-blocking North American stakers from the upcoming APE token staking service ApeStake.io.
GM $APE fam,
We want to remind the community that one of the benefits of decentralized finance is that anybody can interact with a smart contract, or develop clients and interfaces that allow users to interact with smart contracts. https://t.co/qqZX0D5tgE
According to the new update, Apecoin DAO is geo-blocking users in the United States, Canada, North Korea, Syria, Iran, Cuba, Russia, Crimea, Donetsk, and Luhansk.
Horizen Labs, which is building ApeStake.io on behalf of the ApeCoin DAO, revealed that they had to take such a step due to the current regulatory environment.
Meanwhile, ApeCoin stated that anybody can interact with a smart contract, meaning ApeStake.io’s geo-blocked regions’ residents can still stake by dealing with the smart contract directly or by using an alternative interface.
Just last month, SEC started investigating Yuga Labs over whether the sales of digital assets, such as its NFTs and ApeCoin tokens, are unregistered securities or not. So maybe this probe influenced the decision of ApeCoin.
ApeStake.io will go live on December 5, 2022, and the pre-deposit period begins then. From December 5 to December 7 contract will be funded, and from December 12 onwards, rewards accrual begins.
On ApeStake.io, Horizen Labs is also introducing a user-friendly front-end interface that will be available to users who do not have the technical expertise to interact with the smart contract directly.
Also Read: ApeCoin DAO Special Council Applications Open till November 20
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