In accordance with a report by South China Morning Publish (SCMP), Hong Kong-based blockchain large, Animoca Manufacturers, has introduced its plans to shift its focus to markets exterior the U.S. This strategic transfer comes within the wake of the U.S. Securities and Change Fee’s (SEC) determination to label the agency’s Sand cryptocurrency token as an unregistered safety, amid latest lawsuits in opposition to main crypto exchanges Binance and Coinbase International.
Sand is the native crypto token utilized by Animoca’s metaverse platform, The Sandbox. It was amongst greater than a dozen tokens explicitly labeled as securities by the SEC, an inventory that additionally contains Solana, Polygon, and Mana – the token used within the Decentraland digital world. This determination by the SEC has elevated the authorized dangers for any firm concerned in promoting these tokens.
Regardless of the regulatory challenges within the U.S., Animoca Manufacturers stays optimistic about its world operations. The corporate’s co-founder and chairman, Yat Siu, commented in an e-mail, “Animoca Manufacturers is just not centered on a single territory however operates globally. The SEC focuses on the U.S., so that ought to not have an effect on Animoca Manufacturers in broader markets the place Sand is extensively out there and accepted, together with in additional progressive jurisdictions like Hong Kong and Japan.”
Siu additionally disclosed that Animoca has already initiated measures to emphasise extra on different markets in response to the latest “blockchain-hostile” strategy noticed within the U.S. This strategic shift represents Animoca’s adaptive response to the evolving regulatory panorama and is reflective of a broader trade pattern in the direction of looking for extra cryptocurrency-friendly jurisdictions.