Ethereum Wallets and Exchange at Ethereum Casino Online in Canada
Digital money for your gambling should be sent to the casino from an online wallet. If you have bought some ETH coins for betting, don’t store them all on your casino account; casinos are not financial institutions, and the rules change faster than you say mama. Store all your Ether coins in an online wallet, have some on balance for betting, and withdraw the winnings back to your online wallet.
At the time of writing, some of the popular Ethereum online wallets are Atomic Wallet, Guarda, Argent, Exodus, Jaxx, MetaMask, MyEtherWallet, Coinbase. When you collect enough coins, keeping them online will no longer be safe, so you want to store them in a cold storage. Cold storage is an outer disk that stores your money offline, and no one can steal it unless they get their hands on the cold storage physically. At the time of writing, the most popular storages are Ledger Nano X, Ledger Nano S, Trezor, KeepKey.
If you want to exchange digital money into fiat money, better avoid the exchange service of the casino, unless you have no other choice. But if you do, pay attention to the following services - Binance, Cex, KuCoin, Changelly.
Laws and Regulations for Ethereum Casino Players
Crypto money, including Ethereum, are allowed for buying and selling goods and services in Canada. So, it means gamblers are free to deposit, bet, and withdraw Ether in their punting activities. The location of the web gambling platform does not matter here; if the site is not operated from Canada, and accepts Canadian residents as real money players, then it’s all good.
There are no other regulations but the main two on digital coins - firstly, Ethereum is not official money; only Canadian dollar is official in the country. Secondly, Ether can be mined as a hobby, which is non taxable, or as business, which is taxable. Punters making bets in ETH do not have to pay taxes on their winnings either - as with other crypto currencies.
However, considering that Canada is very advanced in technological terms, we may expect more limiting regulations in the nearest future.