Hana Securities chooses Itcen and INF Consulting as security token platform developers

Japanese consumer electronics conglomerate company Sony appears to be gearing up for a cryptocurrency exchange relaunch following its acquisition of WhaleFin. That’s according to a press release published by Japanese public relations company PR Times. Last year, Sony bought Amber Group, a Singapore-headquartered digital asset and crypto financial services firm, which operates crypto exchange WhaleFin. It now appears that the company plans to revamp the local trading platform.  S.BLOX crypto exchangeAmber Group has been renamed to S.BLOX Co. A statement from WhaleFin confirmed the name change. The rebranding has occurred following the acquisition in August 2023 of Amber Group by Quetta Web, a wholly-owned subsidiary of Sony Group Corporation. It also outlined plans to upgrade the service in terms of user experience through a user interface (UI) design refresh. Furthermore, the service plans on releasing new applications going forward.  Part of the strategy is to leverage Sony Group businesses in order to further bootstrap the crypto exchange. Using this approach, the company believes that it can create new added value in cryptocurrency trading services.  The precise launch date of the renewed WhaleFin crypto exchange has yet to be announced. S.BLOX is registered with the Kanto Local Finance Bureau of the Ministry of Finance. Furthermore, it’s a member of the Japan Virtual and Crypto Assets Exchange Association (JVCEA), which oversees cryptocurrency trading within the Japanese jurisdiction from a regulatory and compliance perspective. The exchange business is understood to have a current capitalization of 1,708,179,531 yen (around $10.5 million).Photo by James Feaver on UnsplashWeb3 focusSony has made a concerted effort to expand its activity in the Web3 space. In March 2023, the company filed a patent that aims to enable players of Sony gaming products to access interactive Web3 gameplay. That application will focus on the use use of NFTs. A month earlier, Sony Network Communications, its internet provider division, partnered with the Astar blockchain development team in order to create an incubation program for startups who are working on decentralized autonomous organizations (DAOs) and NFT-based innovation. The same subsidiary partnered with Japanese blockchain firm Startale Labs last September in order to build Sony’s own public blockchain network. The CEO and founder of Startale Labs, Sota Watanabe, took to the X social media platform on July 1, clarifying that Startale’s external director will be heading up Sony’s new crypto exchange. While Sony has dipped its toe in the water previously relative to Web3 projects, this latest development will see it become more deeply involved in the crypto and Web3 space.  Amber Japan was bought out by crypto finance firm Amber Group in 2022 when it was known at that time as DeCurret. Last year, Bloomberg reported that Amber Group was working towards selling off the enterprise due to difficulties in navigating the strict regulatory environment it encountered within the Japanese market. In a related development, it emerged last month that leading Japanese crypto exchange bitFlyer had acquired FTX Japan, the Japanese subsidiary company of the failed global crypto exchange business.

Phoenix Group strikes $380M deal with MicroBTPhoenix Group, a Dubai-headquartered Bitcoin (BTC) mining company, has sealed a $380 million deal with Chinese mining equipment manufacturer, MicroBT.The deal comes just days after Phoenix’s stock made its debut on the Abu Dhabi Securities Exchange (ADX). The miner announced on Thursday that it would promptly receive mining equipment valued at $136 million, with an additional option for equipment worth $246 million.Phoenix asserts that this transaction stands as the most substantial order for MicroBT’s Whatsminer equipment in the past two years. Whatsminer is a brand of mining hardware and chip design which has been developed by MicroBT.Photo by Traxer on UnsplashGreen mining equipmentAs outlined in a press release published by the company, the Middle East-based miner is taking a step towards sustainability by incorporating hydro-cooling miners, a collaborative effort with MicroBT aimed at establishing world-class high-performance computing (HPC) data centers. The move highlights Phoenix Group’s interest in pursuing eco-friendly crypto-mining practices, something that will help to position the company as a leader in furthering efficient and responsible mining solutions.Munaf Ali, co-founder of Phoenix Group, emphasized the significance of partnering with MicroBT and advancing hydro-cooling technologies in achieving the company’s vision for sustainable and innovative mining operations. Ali stated:“Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”While Phoenix did not disclose further specifics about the type of mining machines it is acquiring, the move signifies a broader trend among mining companies making substantial investments in cutting-edge hardware. Texas-based Bitcoin miner Riot Platforms recently spent $290 million to acquire over 66,000 mining machines from MicroBT.GCC distribution agreementPhoenix has an ongoing business relationship with MicroBT. In November 2022 the firm signed a deal with MicroBT that enabled it to act as a distributor of MicroBT’s Whatsminer brand of mining equipment. Under the terms of that partnership, Phoenix distributes Whatsminer products across Gulf Cooperation Council (GCC) countries such as the United Arab Emirates (UAE), Oman, Saudi Arabia, Bahrain, Qatar and Oman.Phoenix Group’s recent accomplishments extend beyond hardware acquisitions. Following its historic debut on the ADX on Tuesday, where it raised $370 million from its initial public offering in November, the company has experienced positive market performance.Data from ADX’s website reveals that Phoenix Group’s stock has propelled its market capitalization to over $4 billion (15.1 billion AED) within the first two days of trading. The initial public offering (IPO) price of 1.50 dirhams had been set earlier this week. Immediately, the shares increased by 50% to 2.25 dirhams.Bijan Alizadehfard, co-founder and group CEO of Phoenix Group, expressed the company’s success on the ADX as a catalyst for forging significant partnerships with major mining firms like MicroBT. Alizadehfard highlighted that the listing has bolstered the company’s capabilities in the blockchain and cryptocurrency sector, contributing to its ongoing advancements in the industry.

According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.