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Wells Fargo & Co. on Friday reported lower-than-expected earnings for the second quarter and said it set aside nearly half a billion dollars to pay additional state taxes in the wake of a recent U.S. Supreme Court decision.
The San Francisco financial giant reported net income of $ 5.2 billion,…
Japan’s top financial regulator has responded to media reports that it is considering overhauling the way cryptocurrency is regulated in the country. The authority has been under fire for the inadequacy of its crypto exchange registration process after it issued business improvement orders to a number of exchanges it previously approved.
FSA Reportedly Considering New Crypto Law
On Tuesday, June 3, the Sankei Shimbun reported that Japan’s top financial regulator, the Financial Services Agency (FSA), is considering overhauling the way cryptocurrency is regulated in the country. The news outlet claims that the FSA is mulling over switching from using the revised fund settlement law to the Financial Instruments and Exchange Act (FIEA), elaborating:
Virtual currency is considered a means of settlement, the same as electronic money etc. by the revised fund settlement law, but if it becomes subject to the regulation by the Financial Instruments and Exchange Act, it will be treated as a financial product.
The FIEA “obliges securities companies and others to manage customer funds and securities (stocks, etc.) separately from corporate assets,” the publication noted. In addition, companies must establish “a strict investor protection system, such as forbidding insider trading of stocks.”
Impress Corporation subsequently published the FSA’s response to the reports by the Sankei Shimbun and a few other local publications. After contacting the agency to verify the news, the publication quoted the agency conveying, “there was no such fact.”
The news outlet added that the FSA regularly holds a research meeting with academics experts, financial practitioners, institutional members, and other industry participants to respond to various problems surrounding the crypto industry.
The FSA told the news outlet:
If there are such considerations, it will be taken up as an agenda for the study group…the [said] agenda has not been discussed at all in the past 4 meetings…Things that are not on the agenda at all cannot be considered.
Speaking to news.Bitcoin.com, Ken Kawai, Partner at law firm Anderson Mori & Tomotsune, also expressed his doubt of the source of the news, commenting:
In the long run it may happen but not soon. However, cryptocurrency derivatives including futures, swaps, options and CFD may become regulated under the FIEA relatively earlier.
Current Law Inadequate
The revised fund settlement law went into effect in Japan in April last year, effectively legalizing cryptocurrency as a means of payments and requires crypto exchanges to register with the FSA. So far, the agency has fully approved 16 crypto exchanges.
However, following the hack of Coincheck in January, the agency has tightened its oversight of crypto exchange operators and have found some of the 16 licensed exchanges to have inadequate internal systems. In March, the FSA issued business improvement orders to two of them – Tech Bureau, which operates the Zaif exchange, and GMO Coin.
Then on June 22, the agency issued business improvement orders to six licensed exchanges: Bitflyer, Bitpoint Japan, Btcbox, Bitbank, Quoine, and Tech Bureau. Bitflyer is Japan’s largest crypto exchange by volume.
Following these orders, the FSA has come under fire for how it approves crypto exchanges. The Sankei Shimbun elaborated, “If the management of the exchange is deteriorated, the mechanism to protect customer assets is insufficient,” adding that by regulating cryptocurrencies with the FIEA as securities, “it will lead to the strengthening of user protection.”
Do you think the FSA should change how it regulates cryptocurrency? Let us know in the comments section below.
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Joe Jackson, the patriarch of the Jackson family music group and father of pop icon Michael, died Wednesday following reports of a cancer diagnosis, according to TMZ.
A civilian helping review New York Police Department probes involving Muslim communities says there were fewer requests in the last year for investigations affecting First Amendment rights covered by a longstanding court order.
Cuban authorities believe more than 100 people were killed Friday when a Cubana de Aviacion Boeing 737-200 crashed on takeoff from Havana’s Jose Marti International Airport. Three passengers were in critical condition after surviving the crash, state-run media reported.
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Texas school shooting suspect Dimitrios Pagourtzis wore ‘Born to Kill’ shirt, posted about guns, reports sayMay 18, 2018 | dailybusinessnews
Dimitrios Pagourtzis has been identified as the suspected shooter who fatally shot at least nine people at a Texas high school on Friday.
The woman who plunged to her death Friday along with her 7-year-old child after falling off of a New York City penthouse suite has been identified as former Playboy centerfold model Stephanie Adams.
Graphics card manufacturer Nvidia has announced its revenues for the first quarter, mentioning separately the amount generated from sales to the crypto market. The total includes $ 289 million related to GPUs for cryptocurrency mining, according to a corporate report. Demand from crypto miners was stronger than expected, the company noted.
Crypto Miners Bought a Lot of GPUs, Nvidia CEO
Reporting its financial results from a strong first quarter, Nvidia Corp. has revealed, in a separate box, the amount it generated from sales to the crypto sector – $ 289 million. According to the company’s CFO Commentary on Q1 Fiscal Results, the total revenue increased 66 percent year-over-year, and 10 percent sequentially, to a record $ 3.21 billion. All platforms – Gaming, Professional Visualization, Datacenter, and Automotive – have produced growth, the company said.
“GPU business revenue was $ 2.77 billion, up 77 percent from a year earlier and up 12 percent sequentially, led by Gaming and Datacenter,” the leading video card manufacturer announced. Gaming revenue was up 68 percent from a year ago and down 1 percent sequentially. Datacenter revenue exceeded $ 700 million, up 71 percent from a year ago and up 16 percent sequentially, Nvidia detailed.
“OEM [original equipment manufacturer] sales included $ 289 million related to GPUs for cryptocurrency mining,” the company pointed out, revealing reportedly for the first time the revenues from its sales to the crypto market.
Demand from cryptocurrency miners in the first quarter was stronger than expected, Nvidia admitted Thursday on its earnings conference call, according to Bloomberg. Nvidia CEO Jensen Huang said:
Crypto miners bought a lot of our GPUs in the quarter and it drove prices up. I think that a lot of gamers weren’t able to buy into the new Geforce as a result.
However, the company expects sales in the sector to fall by about two-thirds in the current quarter.
GPU Manufacturers Benefit from the “New Form of Computing”
Earlier this year Jensen Huang predicted that despite regulatory pressures, the popularity of cryptocurrencies will grow in the next few years. The chief executive of Nvidia said that cryptocurrency, or the “ability for the world to have a very low-friction, low-cost way of exchanging value, is going to be here for a long time”.
In March, Huang told CNBC that cryptos and blockchain, “a fundamental new form of computing,” will be important drivers for the GPU market. He was also quoted as saying that Nvidia needs to increase its GPU production, admitting that the surging demand may be coming from the decentralized nature of cryptos. “There are supercomputers in the hands of almost everybody. No singular force or entity can control the currency,” he added.
Advanced Micro Devices, Nvidia’s main competitor, has also benefited from increased sales to crypto miners. According to a report by the analytical firm Jon Peddie Research, demand from the sector helped AMD reduce the gap between its results and those of Nvidia. In the last quarter of 2017, AMD’s share of the GPU market rose from 27.2% to 33.7%. The authors noted that its products remain cheaper, while offering practically the same productivity, when it comes to crypto mining.
In April, Advanced Micro Devices announced that its revenue for the first quarter amounted to $ 1.65 billion, with net income reaching $ 81 million. Again, the positive results were helped by continued demand for cryptocurrency mining hardware. “The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth,” said AMD president and CEO Dr. Lisa Su.
What are your expectations for the market of crypto mining hardware this year? Tell us in the comments section below.
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The post Nvidia Reports $ 289 Million Revenue from the Crypto Sector in Q1 appeared first on Bitcoin News.
An Israeli private intelligence firm was reportedly hired to dig up dirt on Obama administration officials who worked on the Iran nuclear deal in an effort to undermine the agreement.
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