Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Sony is making strides to enter the crypto banking sector through its financial arm, Sony Bank, as the Japanese group has recently submitted an application to US regulators for a national banking charter via its subsidiary, Connectia Trust. This move signifies Sony’s intent to engage in various cryptocurrency-related activities, which include the issuance of US dollar-backed stablecoins, maintaining reserves, and providing custody and fiduciary management services for digital assets to select clients. Sony Seeks OCC Approval For Crypto Banking License In its national banking charter filing with the Office of the Comptroller of the Currency (OCC), Sony emphasized that its proposed activities align with those already approved for other nationally chartered banks. Related Reading: Hyperliquid Holders Left In The Dark: Monad Protocol Faces Scrutiny Over MON Airdrop Should the application be granted, Sony would join a select group of firms, including Stripe, crypto exchange Coinbase (COIN), Paxos, and stablecoin issuer Circle (CRCL), all of which are also pursuing federal crypto banking licenses source: https://www.newsbtc.com/breaking-news-ticker/is-sony-the-next-crypto-bank-tech-giant-applies-for-a-national-charter-in-the-us/