Minnesota HF3709 allows credit unions and banking institutions to offer virtual-currency custody services.

Minnesota HF3709 permits credit unions and banking institutions to offer virtual-currency custody services, including safekeeping and managing virtual currency. These institutions must ensure customer virtual currency is legally and operationally segregated from their own assets. Credit unions and banking institutions must notify the commissioner 60 days before starting these services and maintain written policies for risk management, internal controls, cybersecurity, and compliance.

Minnesota HF3709 allows credit unions and banking institutions to offer virtual-currency custody services.

Minnesota HF3709 permits credit unions and banking institutions to offer virtual-currency custody services, including safekeeping and managing virtual currency. These institutions must ensure customer virtual currency is legally and operationally segregated from their own assets. Credit unions and banking institutions must notify the commissioner 60 days before starting these services and maintain written policies for risk management, internal controls, cybersecurity, and compliance.