Sony Crypto Exchange To Launch In Japan After Platform Acquisition Last Year

Updated: 02 July 2024

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Multinational conglomerate Sony Group is preparing to launch its own crypto exchange in Japan after it acquired Amber Group’s local subsidiary Amber Japan in August last year.

Sony will revamp a local trading platform, WhaleFin, which has been renamed to S.BLOX Co, according to a July 1 press release on PR Times. The new exchange will also collaborate with Sony Group’s other businesses to generate additional value for its crypto trading services, the statement added.

Sony Crypto Exchange Not Its First Move Into Crypto Space

Multiple upgrades will be introduced to the platform after Sony purchased Amber Japan last year via its subsidiary Quetta Web. Changes will be made to the exchange’s user interface, while the platform’s mobile app will also undergo a drastic change. The exact date for the exchange’s launch has not been disclosed.

This is not Sony’s first move into the crypto arena. Last year, it also partnered with Japanese blockchain firm Startale Labs to build Sonay’s own public blockchain.

Here is the Japanese article. If you may know, the head of web3 who is going to lead exchange at Sony is our external director of the company. We have made a plan of the chain layer 1.5 years ago and we entered the execution phase.https://t.co/vKKaZkQ8oV

— Sota | Astar + Startale (@WatanabeSota) July 1, 2024

Startale Labs founder and CEO Sota Watanabe revealed on X that Startale’s external director will lead the new exchange platform. However, he did not disclose any further details.

Sony also filed a patent last year for NFTs that can be used to increase the usage of in-game assets. It dubbed these new tokens as “super-fungible tokens.”

Japan Opens Up To Crypto

Japan has emerged as a leading crypto market due to its proactive approach to regulating digital assets. One of the most notable crypto developments in Japan happened last year, when the country’s financial regulator proposed changing the tax code for digital assets.

With this proposed regulation, taxes on unrealized crypto gains will not need to be paid every year. The Financial Services Agency (FSA) submitted the request in a 16-page document, and argued that the reform would promote a healthy Web3 ecosystem in the country.

Japan’s Government Pension Fund also started exploring the feasibility of adding Bitcoin (BTC) to its portfolio. Boasting $1.4 trillion in assets under management, it is the biggest pension fund in the world.