Sony Financial Ventures invests 'six-figure' sum in token tech firm Securitize
February 4, 2020, 10:50AM EST
1 min read
Sony Financial Ventures, part of the Japanese conglomerate Sony Corporation, has invested a “six-figure” sum in token issuance technology provider Securitize.
The investment is an extension of Securitize’s latest $14 million funding round, which saw participation from Japanese giants MUFG Innovation Partners and Nomura Holdings, among others.
“As Japan prepares to approve its new law on digital securities, Securitize continues to position itself as the leading company in this market by adding another top corporate financial partner to its list of world-class investors supporting us in the country,” co-founder and CEO Carlos Domingo told The Block.
Japan is set to amend its crypto asset law, which is expected to take effect in April 2020. Domingo noted that the amendment specifically concerns the country’s Act on Settlement of Funds and the Financial Instruments and Exchange Act (FIEA), and will enhance regulations on initial coin offerings (ICO) by applying securities regulations under the FIEA when an ICO is an investment program that distributes profits from issuers to investors.
“These security token offerings (STOs) will be subject to disclosure requirements, and the issuers or brokers who deal with STOs will be subject to registration requirements under the amended FIEA,” Domingo added.
Junji Nakamura, director and board member of Sony Financial Ventures, said Securitize is "expertly leveraging blockchain technology to create a new asset class with astonishing abilities."
Securitize also received a seven-figure sum investment from Japan’s SBI Investment in November, according to a statement shared with The Block. Overall, the firm has raised over $30 million in funding to date.