SBI Holdings, the Japanese Financial Services Giant, will be establishing a subsidiary to manufacture cryptocurrency mining systems and chips. An unnamed semiconductor enterprise in the US will be dealing with the development and manufacturing of the mining systems for SBI.
Adam Traidman, NASA Veteran will be leading the venture. Of note, Adam has “high level of expertise in the field of leading-edge semiconductors and other electronics” powered by 20 years of experience in the industry.
A Veteran FSA agent from Japan stated, “We intend to motivate operators to do what they can to become registered.”
The Japanese Cabinet has required the FSA to position tighter margins and registrations of platforms in order. This is because cryptocurrency margin trading is going to be highly risky for investors.
Several platforms provide for x100 leverage in the cryptocurrency space; however, now, the Japanese crypto margin trading platforms will be able to provide only 4 times higher margins than the deposits from traders. These rules will be official in spring 2020 in Japan.
Being one of the top cryptocurrency hubs in the world, Japan has been making it to the headlines on a regular basis.
Early this month, it was revealed that Mizuho, a major Japanese bank will be launching its own cryptocurrency known as the J-Coin. There was a widespread rumor that the Mizuho money project would be released as a cryptocurrency. However, it was later known that J-Coin would be using QR code technology and not the blockchain technology.
The FSA previously released the 5-point framework that was meant to exclusively help the cryptocurrency platforms bolster their platforms in a way to prevent security attacks. This happened at a point in time when $530 million worth of XEM was stolen from the hot wallets of one of the exchanges.
An estimate by the Japan Virtual Currency Exchange Association, a self-regulatory body reveals that more than $75 billion in cryptocurrency transactions in margin trading has been executed in the country.
Microsoft study has recently stated that several malware encounters are happening in the markets. Malware exposure causes poor reliability in cybersecurity and therefore low security for users. This mostly happens due to the usage of pirated software and due to visits to dangerous file-sharing sites.
Microsoft further added, “The barrier to entry is low because of the wide availability of coin mining software, which cybercriminals repackage as malware to deliver to unsuspecting users’ computers.”
Eric Lam, of Microsoft Asia, stated, “Measures such as preventive controls as well as the adoption of cloud and artificial intelligence to augment security operations will play a vital role in building organizational resilience and facilitating meaningful risk reduction within their organization,”
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