Minnesota has signed legislation allowing state-based banks and credit unions to provide cryptocurrency custody services. Multiple outlets report that Governor Tim Walz signs HF 3709, establishing a framework for how eligible financial institutions can hold digital assets. The law authorizes banks and credit unions to offer crypto custody starting Aug. 1. CoinTelegraph adds that institutions can provide these services in a nonfiduciary capacity, indicating the custody relationship is defined differently from traditional fiduciary roles. CoinDesk characterizes the change as the first unified “digital asset safety net” in the Midwest for banks and credit unions, highlighting that Minnesota’s statute is designed specifically for regulated financial entities. The Block similarly focuses on the signing of HF 3709 and the permission for banks and credit unions to offer custody. Together, the sources agree on the timing, the entities covered, and that the law legalizes crypto custody services under Minnesota’s regulatory approach, while leaving implementation details to the institutions operating under the new statute.
Minnesota law authorizes banks and credit unions to offer crypto custody services
Minnesota has signed legislation allowing state-based banks and credit unions to provide cryptocurrency custody services. Multiple outlets report that Governor Tim Walz signs HF 3709, establishing a f...
- Minnesota Governor Tim Walz signs HF 3709 into law.
- The law allows banks and credit unions to offer cryptocurrency custody services.
- Crypto custody services are permitted starting Aug. 1.
- CoinTelegraph reports custody can be offered in a nonfiduciary capacity.
- The legislation is presented as a first-of-its-kind digital asset custody framework for the region’s banks and credit unions.
Governor Tim Walz has signed HF 3709 into law, permitting banks and credit unions to offer crypto custody services.
3 months agoMinnesota established the midwest’s first unified digital asset safety net for banks and credit unions.
3 months agoMinnesota-based banking institutions and credit unions will be authorized to provide digital asset custody services in a nonfiduciary capacity as of Aug. 1.
3 months ago
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