https://finbold.com/u-s-virginia-senate-unanimously-passes-historic-crypto-banking-bill/
Earlier this week, the Virginia Senate overwhelmingly approved a landmark cryptocurrency banking bill, which had previously cleared the state’s House of Delegates.
Legislators anticipate that Republican Governor Glenn Youngkin will sign the bill within seven days when it comes to his desk. In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.”
The bill’s proponent, delegate Chris Head, who is also a contender for the state Senate, said that reading about how Texas was addressing regulation and who is permitted to hold the keys to one’s cryptocurrency purse, inspired him to introduce the legislation.
“By codifying the ability for state-chartered banks to become custodians of cryptocurrency, this will make Virginia the first in the country to provide this ability to banks through legislation,” Head stated.
He added:
“Functionally, the bill allows state-chartered banks in Virginia to hold the keys to one’s cryptocurrency purse, similar to how individuals use safety deposit boxes at banks. Ultimately, this will put Virginia at a significant advantage regionally and nationwide.”