Thursday, May 23, 2024
HomeCryptocurrencyU.S. Virginia Senate Passes Bill to Allow State Banks Offer Crypto Custody...

U.S. Virginia Senate Passes Bill to Allow State Banks Offer Crypto Custody Services

Crypto adoption is becoming widespread in the United States and across the world as earlier predicted by several crypto pundits.

The recent adoption is coming from a state in the United States. As a report has it, Virginia Senate has recently passed a bill that will allow state banks to offer crypto custody services.

The bill that was unanimously passed by the state Senate “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.”

Read Also: Jackson, Tennessee, United States is set to become the first City to Add Bitcoin as a Payroll Option

According to Fox News Digital, delegate Chris Head, the proponent of the crypto bill, said he introduced the legislation after being inspired by how issues with cryptocurrency regulation were addressed in Texas.

Chris Head noted:

“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.

“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.”

According to Head, crypto as a nascent economic asset has the potential to bring about economic growth if adopted.

​​”As a small business owner, I’m always looking for the potential in policies to create opportunities for jobs, business development, and economic success. Cryptocurrency has the potential to do just that,” Head stated.

The bill received tremendous support, which led to its approval by the House of Delegates on 2nd February, and the state Senate passed it on 3rd March by a vote of 39 to 0.


Legislators now anticipate that Governor Glenn Youngkin will sign the bill into law within seven days when it comes to his desk.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles