In a surprising turn of events, Sony is set to relaunch the crypto exchange Whalefin, which the firm had purchased from cryptocurrency lender Amber Group last year. The move comes at a time when crypto investment in Japan has been on a constant rise, giving a chance for the further development of Whalefin.
Sony To Revamp Whalefin
Japanese conglomerate Sony has decided that it will revamp the crypto exchange Whalefin. Whalefin was formerly the Japanese cryptocurrency exchange DeCurret, which was first bought in 2022 by the Amber Group’s Japanese division in Singapore.
Whalefin also said on Monday that parent firm Amber Japan would be changing its name to S.BLOX amid the process of the revamp. Additionally, the “WhaleFin” refresh will include a new app release to offer an easier-to-use service in addition to updating the user interface. Sony also intends to add more features and support for more currencies after the renewal.
However, this isn’t Sony’s only time venturing into the WEB3 and crypto space. Sony has been working to increase its Web3 footprint in the market for a long time now. The business subsidiary of the company, Sony Network Communications, collaborated with Startale Labs, a Japanese blockchain startup, last year to create Sony’s public blockchain network.
Alongside that Sony also created the Web3 incubation program that makes use of Astar network and Sony Network Communications’ expertise and resources.
Why Is Japan Crypto So Important?
In Japan, cryptocurrencies are accepted and widely used. The country’s Payment Services Act defines “Crypto-assets” as payment mechanisms that are not backed by fiat money and that can be used to make payments to non-specified individuals. Japan is also considered one of the most tech-savvy, fintech-advanced, and crypto-friendly spaces.
In 2016, Japan established the first cryptocurrency laws after the Mt. Gox tragedy. The Japan Virtual and Crypto-assets Exchange Association (JCVEA), a self-regulatory organization, was founded in 2018 to supervise the sector. Two more pieces of legislation were passed in 2019 and 2022.
Operators of cryptocurrency exchanges in Japan are required to register with the FSA and adhere to stringent guidelines concerning the safekeeping of assets and capital needs.
Although it did not recognize cryptocurrencies as legal money in 2016, Japan did accept them as a form of payment in 2016. In 2022, it was estimated that 100,000 retailers in Japan would accept cryptocurrencies.
With all the developments and a strong foundation, the revamp of Whalefin provides Sony with a good opportunity to capture the country’s already existing crypto market.
