The Senate of the Commonwealth of Virginia passes a bill allowing banks to provide custodial services for bitcoin and other cryptocurrencies.
- Delegate Christopher T. Head introduced House Bill No. 263 in January 2022 to authorize traditional banks in the CommonHealth of Virginia to provide custodial services for Bitcoin and other cryptos.
- The bill states that a bank might provide its customers with virtual currency custody services if the bank has adequate protocols to manage risks and comply with relevant laws.
- Banks will be required to undergo a methodical self-assessment assessment to examine the risks involved in providing custodial services.
- The bill also allows for banking infrastructure to take part in either in a fiduciary or non-fiduciary capacity.
With a majority victory 39-0, the bill will be tabled on Governor Glenn Youngkin’s desk, awaiting signing into law.
BTC USD up +2.54%
Source: Bitcoin Magazine