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Sony Group Corp. Joins Japanese Firms Exploring Blockchain Technology

18/09/2024 10:33

According to Odaily, Sony Group Corp. has become the latest major Japanese company to explore blockchain technology, a trend that presents challenges for the Japanese government. Last month, Sony officially launched the L2 network Soneium, inviting developers to create applications that enhance the company's products. This ongoing project aims to integrate Soneium with gaming, music, and film to create potential opportunities. Other Japanese companies exploring blockchain-related initiatives include Nippon Telegraph & Telephone Corp., Toyota Motor Corp., and Mitsubishi UFJ Financial Group Inc., Japan's largest bank, which is considering issuing a stablecoin. The Japanese government faces the dilemma of whether to heed the crypto industry's calls to reduce stringent regulations to lower costs and stimulate growth. Under the leadership of pro-Web3 Prime Minister Fumio Kishida, regulators have taken steps to make it easier for digital tokens to be listed on cryptocurrency exchanges. However, with Kishida's term nearing its end, it remains uncertain whether his potential successors will support Web3 or further regulatory adjustments. A significant concern for industry participants is the disparity in tax rates, with traditional investment returns taxed at around 20%, while cryptocurrency gains are taxed up to 55%. Angela Ang, Senior Policy Advisor at blockchain intelligence firm TRM Labs, noted that regulators need time to adapt to new business models, and success requires long-term investment of time and resources. She added that the increasingly innovative policy stance of Japanese officials helps explain why companies like Sony are experimenting with digital ledgers. In 2023, Japan introduced stablecoin regulations and established a cryptocurrency trading framework. Last year, Singapore-based cryptocurrency lending firm Amber Group sold its digital asset trading platform in Japan to a Sony subsidiary. Before the sale, Amber's Managing Partner Annabelle Huang described Japan as a 'high-quality market with strict regulations.'

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