Owner of The Sandbox (SAND) Animoca Brands Will Emphasise Markets Outside the United States

Yat Siu, CEO of Animoca Brands, said the company would expand into less “hostile” areas due to rising regulatory threats.

The Sandbox (SAND), the foundational utility cryptocurrency of a pioneering global metaverse project, is allegedly a security on the SEC’s watchlist. Look at what the company’s chairman has to say about it.

As the South China Morning Post reported, Yat Siu, chairman of Web3 development studio Animoca Brands, is reportedly shifting his company’s attention to international markets.

According to his email, Siu is considering moving his business to a more crypto-friendly country like Hong Kong or Japan. His comments come after the U.S. Securities and Exchange Commission (SEC), the industry’s primary regulator, classified SAND token as an “unregistered security.”

Yat Siu also emphasised that both SAND and The Sandbox are designed with the international market in mind rather than any one nation or region:

“Animoca Brands is not restricted to a particular region but has a worldwide presence. ” U.Today reported that SEC cases against Binance and Coinbase stated that SAND is security.

It’s worth mentioning that SEC has included Decentraland’s MANA, a significant competitor to SAND, on its list of supposedly unregistered securities.

Also Read: The Commonwealth Bank Of Australia Will Partial Limit Funds Transfers To Crypto Exchanges