Source: Cointelegraph Original: "{title}"
Sony's Singapore subsidiary has now launched USDC payment services through Crypto.com. According to an announcement on April 2, Sony Electronics Singapore officially accepts USDC stablecoin payments through integration with the cryptocurrency exchange Crypto.com. Ang Chin Tah, General Manager of Crypto.com Singapore, stated: "We are driving cryptocurrency payments to become mainstream, and collaborating with a forward-thinking brand like Sony Electronics Singapore will further popularize the convenient application of cryptocurrency in everyday goods and services payments."
This is not the only significant partnership that Crypto.com has recently achieved. By the end of 2024, this mobile-first cryptocurrency exchange has partnered with Deutsche Bank to provide corporate banking services for the Asia-Pacific market, including regions such as Singapore, Australia, and Hong Kong.
Singapore Bets on Stablecoins
The opening of stablecoin payments by Sony's Singapore subsidiary may signal a new trend in the region. Reports from late February indicated that Singapore-listed department store chain Metro has supported customers using stablecoins like USDT to pay for goods.
As these initiatives are implemented, Singapore is becoming a key hub for Web3 enterprises— the number of cryptocurrency licenses issued in the country in 2024 has doubled compared to the previous year. William Croisettier, Chief Growth Officer of ZKcandy, told Cointelegraph at the time:
"The country adopts a risk-adjusted mechanism for cryptocurrency regulation, focusing on mainstream digital currencies to protect investors. Singapore also provides a convenient pathway for new cryptocurrency enterprises to collaborate with local banks, which is a luxury in other parts of the world."
Emerging Crypto Hub
In late November 2024, the pro-crypto digital bank Singapore Gulf Bank is reportedly seeking at least $50 million in funding, planning to acquire a stablecoin payment company by 2025. It has been disclosed that the bank intends to sell up to 10% of its equity to raise funds.
Research released at the end of 2024 shows that Singapore's regulatory strategy has made it a global leader in blockchain technology. Based on multiple factors, the country scored the highest among all jurisdictions.
According to rankings of top blockchain jurisdictions based on patents, employment, and exchanges. Source: ApeX Protocol
Related: Circle files documents, plans for IPO in April
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