#CryptoCorner: #Sony Develops #Crypto Hardware Wallet, Japan's FSA Considers Margin Trading Leverage Cap, South Korea's FSC Warns Against Crypto Funds
October 25th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 25, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: #Sony Develops #Crypto Hardware Wallet, Japan's FSA Considers Margin Trading Leverage Cap, South Korea's FSC Warns Against Crypto Funds
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Sony Develops Crypto Hardware Wallet, Japan's FSA Considers Margin Trading Leverage Cap, South Korea's FSC Warns Against Crypto Funds and Spain Passes Law Compelling Crypto Holdings to Be Reported to Gov't
Japanese electronics giant Sony has developed a cryptocurrency hardware wallet, according to a recent press release. The company's Computer Sciences Laboratories division (Sony CSL) has designed a physical wallet that utilizes IC card technology, which stores users' private keys. The wallet is described as "small, portable and useful" when compared to other existing alternatives that require a USB connection. The release also indicates the wider potential of the hardware wallet.
This IC card-type cryptocurrency hardware wallet technology not only manages the private keys used for cryptocurrency transactions, but also manages private keys used for other purposes, such as those for permitting the use of personal information using blockchain technology. It is an infrastructure technology with multiple possible applications.
Japan's Financial Services Agency (FSA), the country's financial watchdog, is considering placing leverage caps on margin trading of cryptocurrencies, according to Nikkei Asian Review. Currently there is no such cap, though some exchanges voluntarily cap at 25 times the deposit. Out of the 16 FSA-registered operators in the country, 7 currently provide margin trading. The report indicates that in fiscal 2017, 80 percent of Japan's crypto transactions were conducted through margin trading. The FSA plans to discuss potential legislation with a panel of experts.
South Korea's Financial Services Commission (FSC) has released documents warning against investment into cryptocurrency. The warning details how crypto funds are in violation of the country's Capital Markets Act, in that they have neither been registered or approved for fundraising from the FSC.
Spanish publication ABC.es reports that Spain has enacted legislation compelling both companies and individuals to disclose their crypto holdings. The country's Minister of Finance, María Jesús Montero, explained that even citizens with holdings abroad must report them.
"It is stated as mandatory that people and companies inform the Tax Agency about this operation. Likewise, Spaniards "with currency abroad" must also report their possessions in bitcoin and others in the annual declaration of goods abroad."
Sam Mowers, Investorideas
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