Bitcoin Daily: OCC: US National Banks Can Hold Digital Assets; S. Korea Eyes 20 Pct Tax On Crypto Trading

Banks chartered by the federal government can offer digital currency custody services, the Office of the Comptroller of the Currency (OCC) said in a Wednesday (July 22) announcement.

The governmental body said that thrifts, along with state and national banks, have a lengthy history of offering custody and safekeeping for digital assets as well as tangible property.

Acting Comptroller of the Currency Brian P. Brooks said in the announcement, “From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today. This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”

The opinion is in line with many states that have let state banks or trust firms offer like services, according to the OCC, and is applicable to federal savings associations and national banks of various sizes. Moreover, the OCC said in a letter unveiled Wednesday (July 22) that the provision of digital currency custody offerings is a present-day version of historical bank activities when it comes to custody.

In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported.

The country had been looking to tax digital currency income for more than half of a year.

Now, the Ministry of Economy and Finance of the nation has revamped its tax regulations to note that yearly income in excess of approximately $2,000 via digital currency trading would face a two-tenths (or 20 percent) tax for residents. Funds below that threshold, however, would not encounter a fee.

The governmental ministry is said to put the code before the National Assembly for the go-ahead prior to Sept. 3, while the revamped tax code could become live as of Oct. 1 of next year.

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