Pakistan appoints crypto advisor to PM & allocates 2K MW to Bitcoin mining

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.

Former SoftBank Executive Launches Stablecoin in Abu DhabiAkshay Naheta, a former executive from SoftBank, known for his involvement in some of the firm’s most significant deals, is embarking on a new venture in Abu Dhabi, focusing on stablecoins.Photo by Mathilde Cureau on UnsplashDRAM Trust partnershipThe 42-year-old financier has established Distributed Technologies Research (DTR) within Abu Dhabi’s international financial free zone. The firm has partnered with Hong Kong-based DRAM Trust, an entity with connections to a pool of high-net-worth individuals.Together, the firms aim to tap into the stablecoin market, which analysts at Bernstein predict will surge more than twenty-fold, reaching $2.8 trillion within the next five years. While the vast majority of stablecoins are pegged to the US dollar, DRAM coins will have backing from the United Arab Emirates dirham.Targeting high-inflation countriesThis peg to a relatively stable currency like the dirham offers greater security for individuals residing in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, it presents an alternative to the SWIFT system. While the dirham currently plays a minor role in the global economy, it has recently gained prominence as a petro-currency.“Our main focus is the unbanked and under-banked in these nations,” Naheta explained in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this,” he added.Naheta previously worked as a trader at Deutsche Bank. He had played a central role in some of SoftBank’s most notable deals during his tenure. Notably, he pitched the sale of chip designer Arm to semiconductor giant Nvidia. He also led a $4 billion investment in Nvidia in 2017, generating a $3 billion profit.Since his departure from SoftBank last year, Naheta has been actively involved in various fintech projects, with the UAE serving as his base of operations.Growing stablecoin circulationStablecoins have been in existence for nearly a decade. However, their primary use has been for trading purposes to facilitate the movement of digital assets between exchanges, and their adoption in consumer payments has been limited. Currently, there are approximately $124 billion worth of stablecoins in circulation, with Tether’s USDT being the largest, followed by the Circle-issued USDC.Supporters of stablecoins view them as a superior means of achieving cost-effective and instant money transfers and payments. Nevertheless, they have encountered resistance from central banks worldwide, which are actively developing their own central bank digital currencies (CBDCs).DRAM coins will be accessible on decentralized automated market makers, including Uniswap, Sushiswap, and Pancakeswap. Additionally, the team plans to collaborate with centralized exchanges in the near future, as revealed by Naheta.UAE ‘the new Switzerland’The former SoftBank executive anticipates significant demand for DRAM coins in the UAE, where a sizable expatriate population resides. Furthermore, the country is situated close to several high-inflation nations in Africa, the Middle East, and Asia.“I’m extremely bullish on the UAE,” Naheta stated. “It’s the new Switzerland — geopolitically neutral, a great transportation hub and a top tourism destination.”

Korean Crypto Exchange Alliance Reveals Standardized Regulation GuidelinesThe Digital Asset eXchagne Alliance (DAXA), consisting of five leading cryptocurrency exchanges in South Korea, today revealed standardized regulation guidelines, according to a report by news media The Asia Business Daily.Photo by Nick Fewings on UnsplashStandardized guidelinesTwo important documents — the standardized internal control framework and the code of conduct and ethics — were released by DAXA today. These documents were developed based on data provided by financial investment firms and member exchanges. Reviewed by DAXA members and advisors, this documentation represents a significant milestone as it is the first of its kind to address the unique characteristics of the crypto industry. The establishment of unified rules and regulations through the collaborative efforts of the member exchanges stands as a commendable achievement.Internal control frameworkThe internal control framework consists of five parts, encompassing a total of 68 articles. These parts cover general provisions; governance of virtual asset service providers (VASPs); organization and standards for internal control; compliance officers and internal control system management; and compliance details.Code of ethicsThe code of conduct and ethics comprises five chapters with 24 articles. These chapters focus on general provisions, customer ethics, employee ethics, corporate management ethics, and societal ethics.DAXA Vice Chairman Kim Jae-jin expressed optimism that these guidelines will serve as a valuable reference for all VASPs, fostering the development of a fair, trustworthy, and globally competitive crypto market.DAXA’s websiteLast month marked the launch of DAXA’s official website, and their YouTube channel has been active since January. The alliance is made up of five member exchanges: Gopax, Bithumb, Upbit, Korbit, and Coinone. At the helm of the alliance is Chairman Lee Sirgoo, who concurrently serves as CEO of Dunamu — the company operating Upbit, the largest cryptocurrency exchange in the nation.