Animoca Brands Intends to Reduce its Presence in the US Due to Regulatory Pressure
Yat Siu, head of Animoca Brands, has reported that the SEC’s designation of the SAND token as an unregistered security has caused the company to focus their attention on other, “more progressive jurisdictions” outside of the US, such as Hong Kong and Japan.
According to the SEC, the Sandbox’s native token, SAND, allegedly raised $3 million through private sales on exchanges which made its holders expect to profit from the company’s development efforts.
This news has caused a great deal of uncertainty among US firms due to the increased legal risks posed by the SEC, although proceedings could take several years.
Hong Kong-based Animoca Brands focuses on operating all over the world, and thus the development of the SAND token should not affect their presence in other markets.
