A bill allowing state-chartered banks to provide custodial services was approved in Virginia on Monday.
A Virginia bill allowing state-chartered banks to provide custodial services for “virtual currency” was approved byThe law, which will come into effect on July 1, will essentially allow banks in Virginia to hold the keys to someone’s crypto wallet, according to Republican Delegate Chris Head, who introduced it.
How this system will look like precisely is yet to be worked out in the upcoming months between the banking regulator at the State Corporation Commission and the bankers, according to Democratic Delegate Mark Keam, the other co-sponsor of the bill.
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