The Sandbox, a metaverse platform, has announced that users must undergo Know Your Customer (KYC) verification to participate in staking and claim rewards. Only verified users will be able to deposit the platform's native token, SAND, while non-verified users will only be able to withdraw. The move aims to enhance user security and compliance. The SEC has previously deemed SAND to be a security, and Animoca Brands co-founder Yat Siu has criticized the lack of consistency in SEC regulations.
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The Sandbox Implements KYC Verification for Staking Processes
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