This move is part of Singapore’s push to become a global Web3 hub. Meanwhile, South Korea launched a large-scale test of its retail CBDC, with 7-Eleven stores accepting payments in digital Korean won during the trial phase. In the UK, leading trade associations urged Prime Minister Keir Starmer’s office to develop a national crypto strategy, including appointing a special envoy and creating an action plan to position the country as a global blockchain leader.
Sony Electronics Singapore Adopts USDC Payments
Sony Electronics Singapore recently took a major step toward crypto adoption by enabling payments in USDC stablecoin through a partnership with Crypto.com. The announcement was made on April 2, and is a strategic collaboration that is aimed at making cryptocurrency payments more mainstream. Chin Tah Ang, general manager of Crypto.com Singapore, stated that partnering with a well-established brand like Sony helps raise awareness about the simplicity and convenience of using crypto for everyday purchases.
This development is part of a broader trend in Singapore, where stablecoin payments are gradually gaining more and more traction. Earlier this year, Metro, a publicly listed department store chain in Singapore, also began accepting stablecoins like Tether’s USDT.
These initiatives align with the country’s growing status as a leading destination for Web3 companies. In 2024, Singapore issued twice as many crypto licenses as the previous year, which is part of its risk-adjusted approach to regulation and its focus on fostering the digital asset ecosystem. According to industry leaders, Singapore’s regulatory framework makes it a lot easier for new crypto firms to collaborate with local banks, which is a big advantage compared to other global markets.
Crypto.com has also been actively expanding its presence in the Asia-Pacific region. Toward the end of 2024, the exchange partnered with Deutsche Bank to provide corporate banking services in key markets, including Singapore, Australia, and Hong Kong.
Singapore’s push toward becoming a global crypto hub is supported by developments in its financial sector. In November of 2024, reports emerged that Singapore Gulf Bank was seeking a $50 million fund injection to buy a stablecoin payments company in 2025. The digital bank even considered selling up to 10% of its equity to facilitate the acquisition.
(Source: ApeX Protocol)
A study that was conducted at the end of 2024 proved Singapore’s leadership in blockchain technology, and ranked the country highest among all surveyed jurisdictions based on various factors, including regulatory clarity and crypto adoption. This suggests that Singapore’s balanced approach to crypto regulation is successfully attracting major players and setting the stage for broader digital asset adoption across the region.
7-Eleven South Korea Accepts CBDC Payments
South Korea’s popular convenience store chain 7-Eleven is now also accepting payments in the country’s central bank digital currency (CBDC) as part of a nationwide test phase running until the end of June. As an incentive to promote the use of the CBDC, the retailer is offering a 10% discount on all products purchased using the digital currency during the trial period. Moon Dae-woo, head of 7-Eleven’s digital innovation division, stated that the initiative is part of the company’s efforts to integrate digital advancements into its operations and drive its digital transformation.
The CBDC test phase began on April 1 and will continue until June 30. It involves various retail participants and up to 100,000 citizens who will be able to use the digital Korean won for payments. Participants can convert their existing bank deposits into digital tokens stored in a distributed ledger system, with the tokens holding the same value as the traditional Korean won. Each participant is subject to a maximum conversion limit of 5 million won, which is approximately $3,416, during the test period.
The testing program was announced on March 24 by South Korean government agencies, including the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service. The goal is to evaluate the practical use of the CBDC and gather feedback from users and merchants. Eligibility was limited to citizens aged 19 or older who hold deposit accounts in participating banks, including KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan.
Beyond 7-Eleven, the pilot program includes a wide range of retail and service outlets like coffee shops, supermarkets, K-pop merchandise stores, and food delivery platforms. Overall. the initiative is part of South Korea’s strategy to modernize its financial infrastructure and explore the potential of a state-backed digital currency. The Bank of Korea initially announced plans for this retail CBDC test in November of 2023, and plans to use the results to help develop a prototype for a future monetary system that leverages digital currency technology.
UK Industry Calls for Crypto Action Plan
The UK certainly also wants its piece of the crypto cake. A coalition of six British trade associations urged Prime Minister Keir Starmer’s office to strengthen the country’s focus on crypto and blockchain technology.
In a letter dated March 31, the group called for the appointment of a dedicated special envoy for digital assets and the creation of a clear government action plan to support the growth of the sector. The letter was addressed to Varun Chandra, Starmer’s special adviser on business and investment. It places a lot of emphasis on the need for strategic alignment to drive investment, innovation, and job creation in the crypto industry.
Part of the letter sent to Prime Minister Keir Starmer’s office
The coalition includes key digital economy organizations like the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation, and techUK. In their letter, the trade bodies pointed out recent policy developments in the United States, and specifically mentioned the appointment of a crypto czar under President Donald Trump. They argued that the UK should mirror the US approach, particularly in light of ongoing trade negotiations that prioritize technological collaboration.
The trade associations recommended that the UK establish a blockchain special envoy to coordinate policy efforts and position the country as a leader in financial technologies. They also proposed the creation of a detailed action plan to attract blockchain and crypto firms, including a dedicated government concierge service to assist high-potential businesses. Furthermore, the letter suggested that the UK government recognize the synergies between blockchain, artificial intelligence, and quantum computing, and explore their combined potential for public services.
Additionally, the coalition called for the establishment of a high-level forum where industry leaders, regulators, and government officials can collaborate on digital asset policies. They believe that the UK has the resources and infrastructure to become a hub for blockchain innovation, especially due to the country’s strong talent pool, regulatory sophistication, and academic institutions.
(Source: LinkedIn)
The trade bodies estimate that the crypto and blockchain sector could add 57 billion British pounds, or $73.6 billion, to the UK economy over the next decade. They also project that the global economic contribution of the sector could reach $1.8 trillion by 2030.
This article was originally Posted on Coinpaper.com
