The Sandbox has just lately introduced the implementation of Know Your Buyer (KYC) verification for its staking processes. In line with the announcement on August third, solely verified customers will have the ability to deposit the native tokens of the platform, generally known as SAND, and declare staking rewards. Nevertheless, non-verified customers will solely have the ability 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 reinforce 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 price noting that the SEC labeled SAND as a safety in its current lawsuits in opposition to Binance and Coinbase. Moreover, 67 other cryptocurrencies were also deemed as securities. It is because the SEC alleges that The Sandbox makes data publicly obtainable. The SEC claimed that this data led SAND holders to view the token as an funding. Due to this fact, SAND holders might count on to revenue from the platform’s efforts to develop the Sandbox protocol, which might enhance the worth of SAND.
The Sandbox has been making strides in constructing a 3D metaverse using blockchain expertise since 2012. Pixowl initially deployed The Sandbox. Then, in 2018, Hong Kong-based Animoca Manufacturers acquired Pixowl by way of its subsidiary TSB Gaming.
Amidst the regulatory scrutiny confronted by cryptocurrencies, Animoca Manufacturers co-founder Yat Siu has expressed his considerations concerning the lack of consistency in SEC rules. Additional, he has praised Hong Kong’s shifting perspective in 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 direction of making certain compliance and safety for its rising neighborhood of customers. The platform’s dedication to offering a protected atmosphere is a testomony to its dedication to constructing a thriving metaverse ecosystem.