Sony Singapore Embraces Crypto Payments, Now Accepts USDC Through Cryptocom Payments

Shoppers in Singapore can now purchase gadgets on the Sony Store Online using cryptocurrency, specifically USDC, a stablecoin pegged to the U.S. dollar.

This is made possible through a partnership between Sony Electronics Singapore and Crypto.com, marking Sony’s first foray into direct crypto transactions in the region.

The new payment feature is exclusive to the Sony Store Online and can only be accessed via Crypto.com’s payment system. According to Chin Tah Ang the General Manager of Crypto.com, Singapore, this move aims to make paying in crypto more mainstream and increase awareness of its simplicity.

Sony plans to expand its crypto payment options beyond USDC in the future. This development aligns with Singapore’s growing reputation as a crypto-friendly hub, with the country issuing twice as many crypto licenses in 2024 as the previous year.

Crypto Payments for Sony Customers

Earlier this year, the company unveiled Soneium, a bespoke Ethereum layer-2 network designed to underpin a diverse array of blockchain applications, encompassing digital collectibles and in-game economies.

USDC, the second-largest stablecoin with a circulating supply of approximately $60.06 billion, lags behind Tether’s USDT, which commands a substantial $144.02 billion, as reported by CoinGecko.

Circle, the company responsible for USDC, has made a pivotal move toward becoming a publicly traded entity by submitting an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), thereby setting the stage for an initial public offering (IPO).

Utilizing cryptocurrency for purchases on the Sony Store Online may present customers with a range of advantages. Cryptocurrency transactions, recorded on a public and distributed ledger known as a blockchain, offer enhanced transparency, immutability, and security.

This effectively mitigates the potential for fraud and unauthorized transactions. Furthermore, these transactions generally boast faster processing times compared to conventional payment methods.

Singapore’s Stance on Cryptocurrencies

The Singaporean government has embraced a practical and customized strategy regarding cryptocurrencies, acknowledging their potential economic and social advantages while carefully mitigating associated risks.

Moreover, its objective is to cultivate a favorable regulatory climate for cryptocurrency integration within Singapore’s financial system, with a focus on safeguarding users and maintaining financial equilibrium.

The Payment Services Act (PSA) governs cryptocurrency payments and mandates licensing for payment service providers. Moreover, Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations compel cryptocurrency service providers to adopt robust AML/CFT protocols.

Singapore’s regulatory structure endeavors to achieve equilibrium between fostering innovation and guaranteeing investor security and financial soundness.