USA NATIONAL BANKS OBTAINED THE RIGHT TO STORE CRYPTOCURRENCY

Posted 23 July, 2020

USA national banks can now store cryptographic keys from cryptocurrency wallets. The relevant authorization was issued by the Office of the Comptroller of the Circulation (OCC) as part of the USA Treasury. The letter from the department says that banks can provide more secure custodial solutions than existing offers on the market, writes The Block.

 

The OCC noted that banks can hold a wide range of assets as custodians, including "unique and difficult to value." They also include assets that are transferred electronically.

 

“Providing custodian services for cryptocurrencies falls under the category of well-established security and custody powers. This is an acceptable form of traditional banking activity, which national banks are allowed to engage in through electronic mechanisms, ”- said the representative of the regulator.

 

He added that any institution that holds cryptocurrencies must develop and implement proper mechanisms. OCC employee and former Coinbase attorney Brian Brooks concluded that banks must meet the modern financial services needs of their clients, from safe deposit boxes to virtual vaults.

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23 July, 2020 11:33

← STEVE WOZNIAK FILED A LAWSUIT ON YUOTUBE OVER FAKE BITCOIN GIVEAWAYS ON HIS BEHALF

Apple co-founder Steve Wozniak has joined a class action lawsuit against YouTube and its parent company, Google. The reason was fraudulent videos about the distribution of bitcoins using his name, reports CoinDesk. 

STEVE WOZNIAK FILED A LAWSUIT ON YUOTUBE OVER FAKE BITCOIN GIVEAWAYS ON HIS BEHALF

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22 July, 2020 13:26

SOUTH KOREA TO INTRODUCE TAX OF 20% ON INCOME FROM CRYPTOCURRENCIES →

Amendments to the legislation will enter into force on October 1 next year.

SOUTH KOREA TO INTRODUCE TAX OF 20% ON INCOME FROM CRYPTOCURRENCIES
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