The Sandbox, one of the leading metaverse platforms, has announced its users will now undergo KYC verification when engaging with the staking feature. This move according to Sandbox was made to enhance user security and compliance.
Prior to this, users on The Sandbox stake their assets without a KYC step, however, will now have to complete this for the staking process.
Account verification before participating in The Sandbox staking feature has become a priority for the platform, where alongside being implemented as a staking process is also required to claim rewards. “Our goal is to ensure that our users’ accounts are verified before they can participate in staking or claim their earnings,” The Sandbox said.
Further, The Sandbox added that the procedure will allow only verified users to deposit new $SAND, the ecosystem native token, and claim their weekly rewards, nonetheless, unverified users can still withdraw their $SAND.
In Q2 2023, the U.S. Securities and Exchange Commission (SEC) designated $SAND to be a security along with 68 other cryptocurrencies.
The Sandbox is a virtual gaming platform, where users get tradable rewards for engaging in the platform. Sandbox is one of the pioneers of onboarding non-crypto natives through gaming and providing a platform where gamers can monetize their gaming experience and skill.
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