U.S Virginia Officially Adopts A Landmark Crypto Banking Measure.

Earlier this week, the Virginia Senate unanimously adopted a groundbreaking cryptocurrency banking measure that had already passed the state House of Delegates.

Legislators expect Republican Governor Glenn Youngkin to sign the bill within seven days of it reaching his desk. H.B. 263, in principle, “allows Commonwealth banks to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.”

According to a Fox News Digital article, the bill’s proponent, delegate Chris Head, who is also a candidate for the state Senate, was prompted to present the legislation after reading about how Texas was tackling regulation and who is authorized to hold the keys to one’s bitcoin purse.

Head stated:

“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,”

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.”

According to the delegate, Cryptocurrency is a new economic asset with huge growth potential in locations that accept it.

The legislation was decisively adopted by the House of Delegates on February 2, and by a vote of 39-to-zero in the state Senate on Thursday, March 3. In the rare event that Youngkin vetoes the bill, the legislature may be able to override him.

Notably, in November 2021, federal banking authorities stated that they want to clarify cryptocurrency banking legislation in 2022.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

Coincu News