Sony applies for crypto banking license

Japanese technology giant Sony is preparing to enter the crypto market. Through its subsidiary Sony Bank, the company has applied for a national banking license from the Japanese Financial Services Agency (FSA), as Decrypt reports. This license would allow Sony to issue stablecoins, custody digital assets, and offer crypto services in the future.
According to the application, the proposed entity will operate under the name Connectia Trust. It will be responsible for issuing stablecoins backed by reserve assets, while also providing custody and management solutions for digital assets. The license application is part of Sony's broader strategy to further integrate financial services and digital technologies.
The FSA has not yet approved the application. The process is under review, and a timeline for a potential decision has not been published. Japan has amended its regulatory framework for stablecoins and digital assets in 2023, allowing traditional financial institutions and large technology companies to access the crypto market.
Sony was already active in the Web3 and blockchain sectors. In 2024, the company acquired the Japanese crypto company Amber Japan, formerly DeCurret, and renamed it S.BLOX. In doing so, Sony laid the foundation for its own digital financial ecosystem. With the license application now submitted, the company apparently intends to implement the next stage of its digital asset strategy.

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