{"id":412406,"date":"2022-03-05T13:48:48","date_gmt":"2022-03-05T10:48:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-virginia-senate-allows-state-banks-to-offer-crypto-custody-services\/"},"modified":"2022-03-05T13:48:48","modified_gmt":"2022-03-05T10:48:48","slug":"us-virginia-senate-allows-state-banks-to-offer-crypto-custody-services","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-virginia-senate-allows-state-banks-to-offer-crypto-custody-services\/","title":{"rendered":"# US Virginia Senate allows state banks to offer crypto custody services"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a382eba87977\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a382eba87977\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-virginia-senate-allows-state-banks-to-offer-crypto-custody-services\/#%E2%80%9D_US_Virginia_Senate_allows_state_banks_to_offer_crypto_custody_services_%E2%80%9C\" >&#8221; US Virginia Senate allows state banks to offer crypto custody services  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_Virginia_Senate_allows_state_banks_to_offer_crypto_custody_services_%E2%80%9C\"><\/span>&#8221; US Virginia Senate allows state banks to offer crypto custody services  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>The Senate of Virginia in the United States unanimously <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.\u00a0<\/p>\n<p>Delegate Christopher T. Head <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/lis.virginia.gov\/cgi-bin\/legp604.exe?221+ful+HB263+pdf\">introduced<\/a> the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:<\/p>\n<blockquote><p>\u201cA bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.\u201d<\/p><\/blockquote>\n<p>The bill <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/lis.virginia.gov\/cgi-bin\/legp604.exe?221+vot+SV0764HB0263+HB0263\">passed<\/a> Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin. Banks that intend to offer this service to clients will need to adhere to three specific requirements mentioned in the bill \u2014 implement effective risk management systems, possess adequate insurance coverage and launch an oversight program to address risks associated with cryptocurrencies.<\/p>\n<p>However, the Senate will require the banks\u2019 customers to retain direct control of their public and private keys associated with their virtual currency, adding:<\/p>\n<blockquote><p>\u201cActing in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank by creating new private keys to be held by the bank.\u201d<\/p><\/blockquote>\n<p>Other states such as Wyoming have also recently seen an introduction of legislation for a state-issued stablecoin. <\/p>\n<p><strong>Related: <\/strong><strong><em>US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets <\/em><\/strong><\/p>\n<p>Just last month, the House Committee on Financial Services had a discussion about whether regulations on stablecoins and digital assets should be addressed at the state or federal level. <\/p>\n<p>In this regard, North Carolina Representative and ranking committee member Patrick McHenry asked the committee to consider state-level regulatory frameworks in lieu of a comprehensive federal law on stablecoins.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/21fbf175-b5d0-4f2c-887f-47ee42e1d465.png\"><figcaption style=\"text-align: center;\">Jean Nellie Liang speaking at Feb. 8 House Committee on Financial Services hearing<\/figcaption><\/figure>\n<p>Quoting a report from the President\u2019s Working Group on Financial Markets, Jean Nellie Liang the undersecretary for domestic finance at the Department of Treasury, said that U.S. dollar-pegged stablecoin issuers \u2014 both state and federally chartered banks \u2014 should be held to the same standards as insured depository institutions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-senate-allows-virginia-banks-to-offer-crypto-custody-services\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US Virginia Senate allows state banks to offer crypto custody services &#8220; The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.\u00a0 Delegate Christopher T. Head introduced the bill (House Bill No. 263)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":412407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMmE2ZDgwMTktNGNjNC00ZWJjLTgwMmQtMjZjNTFmODY0MGZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,75022,74355,71939,70301,117,70934,70289,67874,72971],"class_list":["post-412406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-central-bank","tag-adoption","tag-banks","tag-bills","tag-business","tag-regulation","tag-senate","tag-united-states","tag-virginia"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=412406"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/412407"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=412406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=412406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=412406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}