📞Samsung Crypto Wallet 🇬🇧FCA Regulations — Cryptos for the Rest of Us
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📞 Samsung Galaxy S10 Crypto Wallet
What’s the Story?
Samsung’s flagship Galaxy S10 smartphone will be released soon. Leaks are showing that the phone will ship with a cryptocurrency wallet and block explorer natively installed.
What does this mean?
This was first rumoured a month ago when Samsung applied for patents relating to cryptocurrency wallets for cold storage, along with other blockchain patents.
These images seem to confirm the existence of Samsung Blockchain KeyStore, a native cryptocurrency wallet and block explorer. Presumably it will store private keys protected by biometrics on the phone itself.
A cryptocurrency wallet would allow users to store, receive, and send cryptocurrencies. A block explorer will allow users to look at transactions and verify that they have taken place on the blockchain.
It appears that the wallet supports Bitcoin, Bitcoin Cash, and Ethereum based ERC-20 tokens.
Why should I Care?
Samsung aren’t the first smartphone manufacturer to support cryptocurrencies in their products. HTC already have this and there are a few startup phone manufacturers like Sirin labs.
However, Samsung account for roughly 25% of the smartphone market. This could encourage millions of Galaxy users to adopt cryptocurrency for payments. This could also simplify adoption for the average user, encouraging wider use.
Whether this is enough for mass-adoption remains to be seen. It’s equally likely that these wallets will go unused and end as a gimmick. In the payments space, the other side of adoption requires merchants to accept cryptocurrencies too.
🇬🇧 FCA Cryptoasset Regulation
What’s the Story?
The FCA released a paper titled ‘Guidance on Cryptoassets’ outlining their views on the regulation of cryptocurrencies. This comes ahead of their final regulations on the 5th April 2019. The FCA are the financial regulator in the UK.
What’s their view?
CRYPTOGRAPHICALLY SECURED DIGITAL REPRESENTATIONS OF VALUE OR CONTRACTUAL RIGHTS THAT USE SOME TYPE OF DISTRIBUTED LEDGER TECHNOLOGY (DLT) AND CAN BE TRANSFERRED, STORED OR TRADED ELECTRONICALLY.
– FCA definition of cryptoassets
The FCA see cryptoassets in three categories; Exchange tokens, utility tokens, and security tokens.
Exchange tokens are used to store and exchange value; i.e. like a currency. Tokens like Bitcoin and Litecoin fall under this category. Exchange tokens fall outside the FCA regulations.
Utility tokens are those which are used to give holders access to a product or service. Utility tokens are also generally outside FCA regulations.
Security tokens are those which are classified as ‘specified instruments’ or ‘financial instruments’ under existing regulations. As security tokens fall under the existing regulatory framework they will be regulated by the FCA.
This regulatory framework broadly follows the SEC in the US. There seems to be a clear line forming around cryptocurrency regulations. Any token which acts like a security will fall under existing national regulations. Those which do not will be left alone.
While it’s a logical conclusion, it’s a necessary clarification from regulators. This allows operators within the space to proceed without the concern of being shutdown after the fact.
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