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The Sandbox has recently launched the implementation of Know Your Purchaser (KYC) verification for its staking processes. In response to the announcement on August third, solely verified prospects can have the power to deposit the native tokens of the platform, typically known as SAND, and declare staking rewards. Nonetheless, non-verified prospects will solely have the power to withdraw their staked SAND. They are going to be unable to make extra deposits.
The Sandbox Metaverse Introduces KYC
This switch comes as a result of the platform targets to bolster individual security and compliance. By requiring KYC verification for staking, The Sandbox targets to make it possible for prospects’ accounts are verified sooner than they’ll participate in staking or declare their earnings. At present, there could also be 123 million SAND is staked by prospects. That is the same as six.7% of the circulating present.
It’s value noting that the SEC labeled SAND as a security in its present lawsuits in direction of Binance and Coinbase. Furthermore, 67 other cryptocurrencies were also deemed as securities. It’s as a result of 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 would possibly rely on to income from the platform’s efforts to develop the Sandbox protocol, which could improve the value of SAND.
The Sandbox has been making strides in developing a 3D metaverse utilizing blockchain know-how since 2012. Pixowl initially deployed The Sandbox. Then, in 2018, Hong Kong-based Animoca Producers acquired Pixowl by its subsidiary TSB Gaming.
Amidst the regulatory scrutiny confronted by cryptocurrencies, Animoca Producers co-founder Yat Siu has expressed his concerns regarding the lack of consistency in SEC guidelines. Extra, he has praised Hong Kong’s shifting angle in route of blockchain.
As The Sandbox continues to evolve and entice prospects to its metaverse, the introduction of KYC verification for staking processes is seen as a proactive step in route of guaranteeing compliance and security for its rising group of consumers. The platform’s dedication to providing a safe environment is a testament to its dedication to developing a thriving metaverse ecosystem.