The Sandbox has just lately introduced the implementation of Know Your Buyer (KYC) verification for its staking processes. In response to the announcement on August third, solely verified customers will be capable to deposit the native tokens of the platform, generally known as SAND, and declare staking rewards. Nevertheless, non-verified customers will solely be capable to withdraw their staked SAND. They won’t be able to make additional deposits.
The Sandbox Metaverse Introduces KYC
This transfer comes because the platform goals to boost consumer safety and compliance. By requiring KYC verification for staking, The Sandbox goals to make sure that customers’ accounts are verified earlier than they will take part in staking or declare their earnings. At current, there’s 123 million SAND is staked by customers. That is equal to six.7% of the circulating provide.
It’s value noting that the SEC categorized SAND as a safety in its current lawsuits towards Binance and Coinbase. Moreover, 67 other cryptocurrencies were also deemed as securities. It’s because the SEC alleges that The Sandbox makes data publicly accessible. The SEC claimed that this data led SAND holders to view the token as an funding. Subsequently, SAND holders may count on to revenue from the platform’s efforts to develop the Sandbox protocol, which might improve the worth of SAND.
The Sandbox has been making strides in constructing a 3D metaverse using blockchain know-how since 2012. Pixowl initially deployed The Sandbox. Then, in 2018, Hong Kong-based Animoca Manufacturers acquired Pixowl via its subsidiary TSB Gaming.
Amidst the regulatory scrutiny confronted by cryptocurrencies, Animoca Manufacturers co-founder Yat Siu has expressed his issues in regards to the lack of consistency in SEC laws. Additional, he has praised Hong Kong’s shifting angle in the direction of blockchain.
As The Sandbox continues to evolve and appeal to customers to its metaverse, the introduction of KYC verification for staking processes is seen as a proactive step in the direction of making certain compliance and safety for its rising group of customers. The platform’s dedication to offering a protected surroundings is a testomony to its dedication to constructing a thriving metaverse ecosystem.