UAE Emirate Launches Digital Asset Oasis Free Zone

Korean mobile game company Com2uS Holdings’ blockchain mainnet XPLA has announced today that it entered a partnership with SOOHO.IO, a Seoul-based security services provider for smart contracts. This news was reported by the local online media iNews24. The partnership aims to enhance blockchain security and facilitate public access to decentralized finance (DeFi). Photo by GuerrillaBuzz on UnsplashXPLA’s further push into the Japanese marketEstablished by local security experts in 2018, SOOHO.IO is currently providing smart contract technologies to approximately 200 big companies and validation institutions. Furthermore, SOOHO.IO is a developer and operator of Tealswap, the sole decentralized exchange on the Oasy network that specializes in blockchain games.  An insider from XPLA expressed excitement about this partnership, stating that the collaboration with SOOHO.IO will enable the game company to strengthen its position in the Japanese Web3 gaming market.  Smart contract-powered securityXPLA, already closely partnered with Oasys, promises to provide financial solutions equipped with safe and convenient smart contract security to Web2 users by strengthening collaboration with SOOHO.IO.  Paul Kim, the head of XPLA team, said this partnership will revolutionize the Web3 games and entertainment industry, with the company’s plans to introduce easy-to-access DeFi services and “GameFi,” a concept that combines game and finance.  Park Ji-su, CEO of SOOHO.IO., expressed his excitement about partnering with the global mainnet XPLA, which he thinks will bring substantial synergy effects for both companies through the sharing of key technologies. 

Survey Reveals Over Half of Korean Financial Firms Eyeing Both Issuance and Distribution of Security TokensIn a recent survey conducted by fintech solution provider Koscom, it was found that more than half of South Korean financial companies interested in security token businesses are planning to undertake both the issuance and distribution of security tokens. This result reflects the belief of the financial firms that if they engage only in the secondary market, they will experience reduced profitability due to the necessity of lowering transaction fees amidst fierce competition, as per local business newspaper Hankyung.Photo by Shubham Dhage on Unsplash62% of financial firmsAt a seminar held today, Koscom revealed the result of this survey it conducted among a total of 95 entities interested in security tokens, consisting of 30 securities firms, three banks, one asset management company, and 61 token issuers. Among the financial firms that belong to the first three categories, 62% answered that they will conduct both the issuance and distribution of security tokens. 31% expressed a preference for conducting only issuance, while 7% were inclined towards distribution alone.The survey also highlighted that 38% of financial companies hold a positive outlook on the security token market, although they acknowledge insufficient understanding. Additionally, 34% of respondents anticipate that the security token market will rival the exchange-traded fund (ETF) market in terms of size, while only 10% believe it will eventually replace the initial public offering (IPO) market.Cultural contentWhen it comes to the underlying real-world assets (RWAs) for security tokens, cultural content emerged as the most preferred option, with 71% of respondents selecting it. Real estate followed closely at 66%, with energy (55%), artworks (41%), and agriculture and fisheries (21%) also garnering interest. Respondents were allowed to choose multiple options for this section.Similarly, cultural content remained the top choice among token issuers, favored by 21% of respondents. It was followed by real estate (16%), artworks (14%), intellectual property (14%), and agriculture and fisheries (9%).A Koscom official attributed the preference for cultural content and real estate as underlying assets to their accessibility and profitability.This seminar, organized by Koscom, aimed to create a supportive environment for issuers and distributors struggling to promote security token businesses. Hong Woo-sun, CEO of Koscom, said the company will leverage its expertise in the capital market and blockchain technology to collaborate with authorities and relevant organizations in lowering barriers to entry for market participants who need technical infrastructure.

Sony Electronics Singapore has partnered with Singapore-headquartered Crypto.com to enable USDC stablecoin payments for local consumers on Sony’s online store. In a statement published on April 2, Crypto.com provided details on the development. By accessing Crypto.com’s payment system, Sony customers in Singapore can pay for items on the Sony platform using the U.S. dollar-pegged stablecoin.Photo by Alwin Thomas on UnsplashPlans to expand payment optionsThe gaming, entertainment and consumer electronics giant also outlined that USDC payments are a starting point, with plans to expand the offering to include other crypto payment options in the future. Commenting on the development, Crypto.com’s General Manager for Singapore, Chin Tah Ang, stated: “We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto.” The Crypto.com executive added that a high-profile brand like Sony would provide further visibility with regard to crypto payments. Sony dominates the gaming console market in Singapore, with a 61% share of the market within the city-state. A successful roll-out of this crypto payment option in Singapore could potentially lead to further roll-outs in other regions. Keeping pace with shift towards cryptoBlockchain industry pioneer Kyle Chasse, outlined on X that the development demonstrates that adoption isn’t coming, rather that it has already arrived. Sony sees the move as an effort the firm is making to “stay ahead of the curve” and future-proof its operations. It has formed the view that diversifying payment options to include crypto payments is necessary in order to keep pace with what it perceives as a global shift towards the use and integration of crypto.  Ang sees upside for both companies as a consequence of the development. He stated: “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden [Sony Electronics Singapore’s] customer base.”  This development is not Sony’s first touchpoint with crypto and blockchain. In recent times, it has developed its own blockchain, Soneium. The Ethereum layer-2 network officially launched its mainnet in January. In 2024, Sony Group acquired Amber Japan, the Japanese subsidiary of Singaporean crypto market maker Amber Group. Last year, another Sony Group company, Sony Bank, announced plans to develop a stablecoin in partnership with Astar Network, a Polkadot-based smart contract platform.  Commenting on Sony’s participation within the crypto and blockchain space last year, independent game designer Chad Steingraber said, “Sony entering crypto is a MUCH bigger deal than people realize yet.” He predicted that the entire entertainment sector will become engulfed by crypto assets.  At the time, Steingraber was reacting to the news that Singaporean financial services firm Phillip Securities and Securitize were planning a security token offering in connection with a Sony movie production.