The online platform of a Singapore subsidiary of the Japanese technology giant Sony has begun accepting USDC payments via Crypto.com.
An announcement made on April 2 stated that Sony Electronics Singapore is now able to process USDC stablecoin payments thanks to integration with the Crypto.com exchange. The general manager of Crypto.com Singapore, Chin Tah Ang, remarked:
“We are working to normalize crypto payments, and collaborating with a well-known and innovative brand like Sony Electronics Singapore helps to demonstrate how easy it can be to purchase everyday items and services with crypto.”
This partnership is just one of several notable collaborations that Crypto.com has recently achieved. By the end of 2024, the mobile-first crypto exchange teamed up with Deutsche Bank to deliver corporate banking services across the Asia-Pacific region, including areas like Singapore, Australia, and Hong Kong.
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Singapore’s embrace of stablecoins
Sony’s willingness to accept stablecoin payments could signal the beginning of a new trend in the area. Reports from late February suggested that Metro, a publicly traded department store chain in Singapore, has also enabled customers to pay with stablecoins such as Tether’s USDt.
These developments align with prior reports from January indicating that Singapore is becoming an attractive destination for Web3 businesses, having issued double the number of crypto licenses in 2024 compared to the previous year. William Croisettier, chief growth officer of ZKcandy, stated at that time:
“The nation employs a risk-adjusted method to crypto regulation, focusing on major digital currencies to safeguard investors. Singapore also facilitates seamless collaboration between new crypto firms and local banking partners, a feature that is often difficult to achieve in other regions.”
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A rising crypto center
In late November, the crypto-friendly digital bank Singapore Gulf Bank was reported to be seeking at least $50 million in funding as it aims to acquire a stablecoin payment company in 2025. The institution expressed interest in this direction, allegedly planning to sell up to 10% of its equity to finance the transaction.
A study released at the end of 2024 indicated that Singapore’s regulatory framework established it as a global leader in blockchain technology, receiving the highest score among all the jurisdictions evaluated based on various criteria.
Ranking of top blockchain jurisdictions based on patents, jobs, and exchanges. Source: ApeX Protocol
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