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    Home » Virginia Senate Pass New Bill Permitting Banks to Offer Crypto Custody Services
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    Virginia Senate Pass New Bill Permitting Banks to Offer Crypto Custody Services

    March 8, 20221 Min Read
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    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

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