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

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

    March 8, 20221 Min Read
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    Gold bitcoin with microcircuits on a blue background. The concept of cryptocurrency.
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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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