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The Playstation store used to let you register another account elsewhere in the globe which was region locked based on your credit card address, but the credit card company doesn't take notice of the address you provided. I had a US account registered to a hotel room I stayed in once, ands as it was set as primary I could buy games on the US account download them to the playstation and play them from my main UK account as a peer on the device.
IP address geolocation is considered the next level of this and you'd be surprised how many banks still don't have the facility implemented to prevent fraud and laundering.
They limit your ability to redeem region locked products by your devices IP? What if you were on holiday or travelling? I'm surprised the company that makes the software running 80% of the worlds computers came up with such a basic solution. I assumed the account itself would be region locked like Steam accounts.