Newsflash of July 24, 2020

Market Cap at 9:00 (UTC) – $284,836,184,009

Bitcoin dominance: 61.5 % 

BTC $9,499.88 (-0.1%)

ETH $270.03 (+2.62%)

XRP $0.203515 (-0.05%)

Russia legalized crypto

According to the local news outlet, Regnum (https://regnum.ru/news/economy/3017181.html), the lower house of Federal Assembly of Russian has approved a bill called “On Digital Financial Assets” which defines the legal status of crypto in Russia. However, the bill does not allow crypto to be used as as a medium of transaction.

OCC allows federally chartered banks to provide crypto custody service

According to the recent article (https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html), the Office of Comptroller of the Currency said that the bureau recognized the importance of digital assets and the authority for bank to provide custody service for crypto. Therefore, OCC believes that providing custody service for crypto is a modern form of traditional bank activities.

South Korea to tax 20% income created by trading crypto

The Ministry of Economic and Finance of Korea has published (http://www.moef.go.kr/nw/nes/detailNesDtaView.do?searchBbsId=MOSFBBS_000000000028&searchNttId=MOSF_000000000041560&menuNo=4010100) a new tax code on July 22nd. Per the new tax code, income from crypto trading higher than $2000 will be taxed 20% with other taxable incomes. Additionally, non-Koreans will also be taxed through exchange transaction fees. Moreover, the new tax code is expected to be passed on October, 1st, 2021.

Stay safe and happy trading.

Yours,

4C-Trading

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