BREAKING: US Banks Are Now Allowed To Custody Crypto
Plus a new crypto capital gains tax in South Korea
Happy Humpday, Blockfolians
Asset custody is one of the most highly regulated parts of financial markets. That’s why the crypto industry is buzzing about word from the U.S. Office of the Comptroller of the Currency - i.e. the country’s bank regulator - that national banks and savings associations would be allowed to custody cryptoassets.
From the announcement:
Providing custody services for cryptocurrency falls within these longstanding authorities to engage in safekeeping and custody activities. As discussed below, this is a permissible form of a traditional banking activity that national banks are authorized to perform via electronic means. Providing such services is permissible in both non-fiduciary and fiduciary capacities. A bank that provides custody for cryptocurrency in a non-fiduciary capacity would essentially provide safekeeping for the cryptographic key that allows for control and transfer of the customer's cryptocurrency.
Of course, it didn’t take long for the crypto community to start chattering.
Lolli 🍭 @trylolliThis is good for bitcoin. https://t.co/JNrTcOzGQi https://t.co/E82rhlFx9y
For our part, we think it’s a pretty huge shift in the regulatory environment that can’t help but create more options for the industry. Big, big win.
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Hard to separate money and culture at this point.
At the risk of shilling….this is pretty sick.
A Really Big Number We Should Be Paying Attention To
That’s the size of Avalanche’s token sale from last week. Is it 2017 again?
Lol the memes win