ForexMinute.com – In one of our recent articles, we discussed how Canada has activated the button to regulate Bitcoin, as well other cryptocurrencies as well. The new regulation asks cryptocurrency related businesses to register with FINTRAC. Failing to do so will certainly will bring these businesses under heavy penalties imposed by the government.
It has been just less than a week since the act has been amended, but its impacts are already visible on the market. The first one to get affected by this ruling is famous Dogecoin gambling website Doge Dice, which had to shut down temporarily in order to obey the bill. According to the sources, the website still has to register itself as ‘Money Service Businesses’, and until they implement this procedure, they will stay out from business.
Doge Dice is one of the first betting games ever to accept cryptocurrency for betting. The online Dogecoin casino is famous for offering its visitors with a range of betting services. Some of them include the adjustment of win, payout and bet size. The casino also attracted a large chunk of audience due to its investment services, in which users were allowed to invest in Dogecoin to ultimately receive huge returns if market is smooth.
The aforementioned attractions available Doge Dice eventually earned them more than 611 million bets, in which over 90 billion Dogecoin were staked as well. The site, until this hour, has traded over 326 million Dogecoin – making it one of the biggest ventures inside the cryptocurrency market. Even its temporary shutdown will be going to impact the trading volumes by a notable margin.
However, Doge Dice can once again reclaim its position by simply cutting off the local client base. Earlier, Satoshi Dice had also faced such a situation and simply clamped down its local market, and eventually survived on a global scale. We believe Doge Dice will also take some similar steps, or any alternative that may seem fit to them and their thousands of followers.
To contact the reporter of the story: Yashu Gola at email@example.com
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