The US Securities and Exchange Commission (SEC) has declared The Sandbox SAND token an "unregistered security" following a lawsuit by Binance and Coinbase, prompting Animoca Brands, developer of The Sandbox metaverse, to expand its business outside of the US.
Yat Siu, co-founder and chairman of Animoca Brands, explained that since the SEC is a US structure, this should not significantly affect their operations in other regions where Sand is available, such as Hong Kong or Japan.
Then he continued that they have already started taking steps to expand overseas because of the unfriendly blockchain atmosphere in the US.
Sébastien Borget, chief operating officer and co-founder of The Sandbox, says most of their customers are from Europe, Asia, the Middle East and Africa.
He further explained that the Metaverse is a global phenomenon and everyone joins it as a citizen of this digital nation symbolised by their avatars.
It's worth noting that Asia, which includes Korea, Japan, Hong Kong and Thailand, currently accounts for 40% of The Sandbox's audience, while the US accounts for only 25%.
