The Senate of Virginia in the United States unanimously approved the request to amend the draft law To allow traditional banks operating in Virginia to offer Crypto Custody
Representative Christopher T. Head have recommendedThe bill (House Bill No. 263) dates back to January 2022 to amend banks’ rights to provide crypto custody.
“Banks may provide cryptocurrency custody services to their clients. As long as the bank has 26 adequate protocols to effectively manage risks and comply with applicable laws.”
such a draft law passThe Senate voted 39-0 and is awaiting being signed into law by Virginia Governor Glenn Youngkin, under which banks intending to provide this service to clients must meet three specific requirements — they must have a risk-management system in place. efficiency, adequate insurance, and a regulatory program to deal with the risks associated with cryptocurrencies.
However, the Senate will require bank customers to remain in direct control of the public and private keys associated with cryptocurrencies.
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