Virginia banks are now allowed to offer crypto custody services.
The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:
“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin.
However, the Senate will require the banks’ customers to retain direct control of their public and private keys associated with their virtual currency, adding: “Acting in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank by creating new private keys to be held by the bank.”
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