Do. Feb 22nd, 2024

• Animoca, a Hong Kong based firm, is unfazed by the SEC deeming the SAND cryptocurrency a security
• Animoca’s co-founder and chairman Yat Siu said that the firm operates globally and as such is not overly concerned with what happens in one jurisdiction
• Siu said the firm’s strategy has been to primarily focus on non-U.S. markets due to the “blockchain-hostile” approach of regulators in the country

Animoca Unfazed by SEC Deeming SAND Cryptocurrency a Security

Firm Operates Globally

Hong Kong-based Animoca Brands is not overly concerned with recent events regarding its SAND cryptocurrency being deemed a security according to the SEC, since it primarily focuses on non-U.S. markets anyway due to America’s „blockchain-hostile“ approach. Animoca co-founder and chairman Yat Siu said that despite this conviction from the SEC, the company “should not have an impact” on its operations in other countries like Hong Kong and Japan where Sand is accepted widely.

Not Just U.S.

Animoca Brands‘ strategy has been to focus on non-U.S. markets for some time now due to regulatory issues within America related to blockchain technology and cryptocurrencies, which in turn spurred them to place more emphasis on these other areas even more so than before. Despite Siu’s apparent lack of concern regarding this issue specifically, it does reflect a wider issue with crypto regulations in America compared to those elsewhere around the world – especially when it comes to taxation laws for cryptocurrencies across different countries or states within certain countries like America itself.

Regulatory Clarity Needed

The recent situation involving Sand has further highlighted how difficult it can be for companies operating within multiple jurisdictions when it comes to ensuring regulatory compliance – something which could potentially be improved with greater regulatory clarity across different countries or states as far as cryptocurrencies are concerned. While this should not necessarily affect Animoca directly due to their focus outside of America, many other firms operating within multiple jurisdictions may have difficulty navigating through these various regulations without clear guidance from authorities or legal experts in each jurisdiction they operate in.

Uncertainty Remains

Despite some progress being made towards greater regulatory clarity surrounding cryptocurrencies in certain areas around the world (such as Europe), there remains considerable uncertainty about how such regulations will be applied across different jurisdictions – something which could have major implications for both businesses and consumers involved with digital assets going forward.

Conclusion

In conclusion, although Animoca appears unconcerned about its SAND cryptocurrency currently being deemed a security by the SEC, there remains considerable ambiguity over how crypto regulations will apply across different jurisdictions going forward – something which could create difficulties for those businesses operating within multiple countries or states without adequate guidance from local authorities or legal experts regarding any potential risks associated with doing so..

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