BCGAME - Free 5BTC Daily Bonus!In a strategic move, Animoca Brands, parent company of the Sandbox cryptocurrency (SAND), decided concentrate its efforts outside the United States. The decision follows the recent classification of the SAND token as an “unregistered security” by the United States Securities and Exchange Commission (SEC).
Yat Siu, president of Web3 development studio Animoca Brands, shared in a recent email that he plans to migrate his business to more cryptocurrency-friendly jurisdictions such as Hong Kong and Japan. Siu highlighted the vision of Animoca Brands as a company with a global focus and not limited to a single territory.
According to the president of Animoca, the classification of the SAND token by SEC primarily impacts the US market, but should not interfere with the company's plans in broader markets where SAND is widely accepted. According to him, “The SEC is focused on the US, so this should not impact Animoca Brands in broader markets where sand is widely available and accepted, including in more progressive jurisdictions such as Hong Kong and Japan.”
The SEC's approach has sparked heated discussions in the cryptocurrency world. Recently, the commission claimed that SAND is collateral in its lawsuits against two major exchanges, Binance and Coinbase, which prompted Animoca to shift its focus to other regions.
Siu guarantees that Animoca Brands' focus will remain on the global operation. According to him, the brand is not focused on a single territory, but operates globally. Animoca has already started moves to focus on other, more crypto-friendly markets, as its token, the SAND, is a global cryptocurrency.
Animoca Brands is an example of a new wave of companies that are diversifying their markets in response to cryptocurrency regulation.
