Minnesota legalizes crypto custody services for banks, credit unions
Minnesota-based banking institutions and credit unions will be authorized to provide digital asset custody services in a nonfiduciary capacity as of Aug. 1.
Minnesota-based banking institutions and credit unions are set to offer some crypto custody services beginning in August.
On Friday, Governor Tim Walz signed House File (HF) 3709 into law, permitting “certain virtual-currency custody services to be offered and performed” by financial institutions in the US state.
One of the original sponsors in the Minnesota House of Representatives, Bernie Perryman, said in March that the bill was intended to ensure that “Minnesota-based financial institutions are allowed to evolve alongside their customers and members rather than forcing Minnesotans to rely on unregulated, out-of-state or offshore providers for services.”