The Sandbox project team decided to expand business outside the United States (US) jurisdictions amid increasing regulatory pressure in the country.
Animoca Brands Corporation Ltd is a Hong Kong-based gaming firm. In 2014, this company was founded by Yat Siu and David Kim. Initially, the main focus of this company was to develop mobile games but 5 years ago the company shifted its focus to the blockchain gaming & NFTs sector. In 2019, Animoca raised $2.5 million & later $2.01 million for its blockchain game project “The Sandbox”.
On 8 June 2023, South China Morning Post reported that the chairman of Web3 development studio Animoca Brands, Yat Siu, said that he will now focus on business expansion outside the US.
Through the email, Siu said that the company’s TheSandbox project is not focused on providing services in a single country, so it will expand its reach to other non-US jurisdictions with more focus, which are friendly for the crypto sector also.
Further Animoca CEO said that the United States Securities Exchange Commission (SEC) is focussing on crypto in the United States (US), so the global reach of The Sandbox crypto & blockchain game will face not much impact because of the regulatory uncertainty in the US.
SEC vs TheSandbox (Sand)
The sand token is a native token of Animoca’s blockchain game platform.
Recently the US SEC mentioned Sand token as a crypto security token in a suit against Binance’s American subsidiary BinanceUS.
BinanceUS & Robinhood like crypto firms decided to delist Sand tokens from their platform, to comply with the rules & regulations.
Read also: Garlinghouse says SEC distracting people from the FTX debacle via lawsuits
