Minnesota Legalizes Crypto Custody Services for Banks, Credit Unions
Cointelegraph
Minnesota has passed a law allowing state-chartered banks and credit unions to offer virtual-currency custody services starting August 1.Summary
Governor Tim Walz has signed House File 3709 into law, enabling Minnesota-based financial institutions to provide cryptocurrency custody services. Effective August 1, banks and credit unions can offer these services in a nonfiduciary capacity, either directly or through third-party providers. The legislation aims to keep financial services local and evolve alongside consumer demand. Additionally, institutions must ensure that digital assets are operationally and legally segregated from their own corporate assets.
(Source：Cointelegraph)