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US Virginia Senate allows state banks to offer crypto custody services

March 7, 2022

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.

Delegate Christopher T. Head introduced the bill, House Bill No. 263, 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.”