By Outlook Money
Sony Network Communications, a division of Sony, on June 28, 2023 announced a new partnership to provide the groundwork towards the mass adoption of Web 3.0.
The partnership with Startale Labs, a Japanese provider of Web 3.0 infrastructure, also includes a $3.5 million investment along with other formalities such as a Sony executive moving to Startale Labs. The agreement will advance Startale’s creation of Web 3.0 services and products, including its goal to produce all-in-one Web 3.0 development solutions while also concentrating on connecting physical assets with the Web 3.0 ecosystem.
Startale Labs CEO Sota Watanabe told Cointelegraph that working with Sony enables a young Web 3.0 firm like them to “learn and leverage” a variety of things.
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“Developers and users need to understand Blockchain tech stacks when interacting with Web 3.0. We want to provide smooth experiences for general users and this tool will allow them to interact with the space without knowing it,” he said.
Italy’s Central Bank Calls For Framework To Prevent Stablecoin Runs
Italy’s central bank, Banca D’Italia has called for closer regulatory scrutiny of Stablecoins, which they say “have not proved stable at all.”
A “robust, risk-based” regulatory framework for Stablecoins is needed in order to avoid the worst-case scenario of a “run” on Stablecoins, Banca D’Italia said.
In its recently released “Markets, Infrastructures and Payment Systems” report for June 2023, the nation’s central bank urged regulators to hold Stablecoin issuers to the same rules of financial conduct.
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“The emergence of cryptocurrencies, together with several ‘boom and bust cycles’ in a largely unregulated environment, has resulted in ‘significant consumer harm’. Given the intimate relationship between Stablecoin issuers and DeFi, regulatory attention to them should be given priority,” the bank said.
“A robust, risk-based regulation of Stablecoins ensuring the prevention of ‘runs’ on their issuers is a necessary condition to reduce the fragility of the DeFi ecosystem, given the prominent role of this asset class in decentralised finance,” Banca D’Italia said in a statement.
US Crypto Laws Can’t Assume ‘Everything Is A Financial Asset’, Says US SEC Chief
Hester Peirce, the US Securities and Exchange Commission Commissioner has hinted at a possible United States crypto legal framework, as not all uses of crypto are financial in nature.
Peirce said that cryptocurrency regulations in the US should be “reserved” rather than treating all of cryptos’ applications as financial in nature.
On June 29, 2023, Peirce appeared remotely at Australian Blockchain Week and was questioned about how she would regulate cryptocurrencies. She said in her answer: “I think we have to make sure that whatever regulatory framework you have doesn’t just assume that everything is a financial asset.”
Peirce argued that cryptocurrency is often thought of in “very financial terms”, but it also has other applications, such as enabling social interaction without the need for a central authority.
“That’s useful in the financial context, but it’s also useful in building a social media platform or whatever else,” she added.
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