(Bitcoin Magazine) Traditional banks in the Commonwealth of Virginia will soon be able to offer Bitcoin and other crypto custody services if a bill is signed into law by the Governor.
The proposed law got a sweep of 39-0 by the state Senate, paving the way for the eventual assent by Governor Glenn Youngkin.
The bill, introduced into the US in early January 2022 by Senate member Christoper T. Head, will seek to allow virtual custody services to a bank with 26 adequate protocols for managing risks and adhering to regulations.
A bank seeking to offer crypto custodial services will be subjected to methodical self-assessment, which includes a review of the risks involved.
The proposed law will also seek to allow the participation of the banking infrastructure in a fiduciary or non-fiduciary capacity.
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