01 Nov, 2024

Sony Launches A New Era for Creators on Ethereum’s Layer 2

Sony Launches Soneium: New Ethereum Layer 2 Solution for CreatorsIn an exciting announcement, consumer electronics leader Sony has introduced Soneium, its proprietary Ethereum Layer 2 (L2) solution, set to go live on testnet in the coming weeks. This launch comes amid rising concerns in the crypto market over infrastructural inefficiencies and the need for more consumer-friendly applications.Focus on Creator Rights and Profit SharingAlthough details regarding Soneium's specific on-chain use cases are still unfolding, Sony’s primary emphasis is on supporting creators. The official Soneium blog highlights the importance of protecting creative rights and establishing innovative profit-sharing mechanisms that benefit both creators and their fans. This commitment to empowering content creators aligns with current industry trends, underscoring the growing recognition of their role in driving engagement and innovation.Built on Optimism’s Rollup Development KitSoneium will leverage Optimism’s rollup development kit, known as the "OP Stack," which currently supports 29 L2 chains within its Superchain ecosystem. This robust technological foundation ensures scalability and efficiency—critical factors for any successful blockchain project.Collaboration with StartaleThe Soneium launch will occur under Sony Block Solutions Labs, a joint venture between Sony Group Corporation and Startale, a Singapore-based blockchain infrastructure startup. With a recent $3.5 million funding round in June 2023, Startale brings valuable expertise, particularly its role in developing the Astar Network zkEVM chain, which will transition to Soneium.ZKsync Welcomes CREATOR ChainAt the same time, ZKsync is enhancing its ecosystem with the introduction of the CREATOR chain, a project incubated by ZTX (ZepetoX). This initiative seeks to leverage ZEPETO’s extensive user base of 20 million monthly active users to bridge Web2 and Web3. The CREATOR chain aims to provide personalized decentralized finance (DeFi) services for creators, capitalizing on ZKsync's zero-knowledge technology to enhance scalability and reduce transaction costs.Record Growth in Layer 2 TransactionsRecent metrics indicate that Layer 2 transactions are experiencing unprecedented growth, with Blast L2 nearing 2.5 million transactions in the past week alone. This positions it as the second most utilized L2 solution, following Base, according to data from Growthepie.As these developments progress, the focus on creator-centric blockchain solutions signals a transformative shift in the digital economy, presenting opportunities for mainstream adoption and innovative applications in the ever-evolving landscape of blockchain technology.

28 Oct, 2024

Hong Kong Eyes Tax Breaks for Crypto, More Trading Platform Licenses by Year-End

Quick Take① The Hong Kong government’s Treasury chief said the city will extend existing tax concessions to cover cryptocurrency investments by the end of this year.② The regulators also plan to approve more crypto asset trading platform licenses by the end of the year.Hong Kong eyes tax breaks for crypto, more trading platform licenses by year-endA top financial officer in Hong Kong said that the government plans to extend existing tax concessions for privately offered funds and family offices to cover crypto investments.Christopher Hui, Secretary for Financial Services and the Treasury, said in a speech today at Hong Kong Fintech Week that the government plans to extend tax concessions for particular investments, including those in cryptocurrencies, by the end of this year.“Hopefully, by expanding the availability of tax concessions to this wider scope of assets eligible under our fund regime and our family office regime, we will be able to add that extra impetus and pull to this [Hong Kong] market on their development front,” Hui said.Hong Kong has rolled out the welcome mat for crypto firms. In June 2023, it officially started a crypto licensing regime for crypto trading platforms, allowing licensed exchanges to offer retail trading services. The regulator has so far granted three licenses to OSL Exchange, HashKey Exchange and HKVAX.At the event on Monday, Paul Chan, Hong Kong's financial secretary, also said that the Securities and Futures Commission is actively assessing crypto asset trading platform applications and that “we expect more licenses will be issued in the next couple of months.”Chan said that the Hong Kong Monetary Authority, the region’s de facto central bank, also plans to introduce stablecoin-related legislation this year following the HKMA’s March launch of its stablecoin regulatory sandbox.According to Chan, the government is also reviewing the design of over-the-counter trading regulations and will release the second round of consultation next year before introducing the licensing regime for crypto custodian service providers.