The Sandbox Introduces KYC For Staking Processes

The Sandbox has just lately introduced the implementation of Know Your Buyer (KYC) verification for its staking processes. Based on the announcement on August third, solely verified customers will have the ability to deposit the native tokens of the platform, often known as SAND, and declare staking rewards. Nonetheless, non-verified customers will solely have the ability to withdraw their staked SAND. They won’t be able to make additional deposits.

image of a woman to against a computer screen to illustrate KYC for the sandbox

The Sandbox Metaverse Introduces KYC

This transfer comes because the platform goals to reinforce person safety and compliance. By requiring KYC verification for staking, The Sandbox goals to make sure that customers’ accounts are verified earlier than they’ll take part in staking or declare their earnings. At current, there may be 123 million SAND is staked by customers. That is equal to six.7% of the circulating provide.

It’s value 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 info publicly accessible. The SEC claimed that this info led SAND holders to view the token as an funding. Subsequently, 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 its subsidiary TSB Gaming.

Amidst the regulatory scrutiny confronted by cryptocurrencies, Animoca Manufacturers co-founder Yat Siu has expressed his considerations in regards to the lack of consistency in SEC laws. 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 guaranteeing compliance and safety for its rising group of customers. The platform’s dedication to offering a secure surroundings is a testomony to its dedication to constructing a thriving metaverse ecosystem.

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