Minnesota SF3794 allows banking institutions to offer virtual-currency custody services.
Minnesota SF3794 permits banking institutions to provide virtual-currency custody services, which include safekeeping, controlling, or managing virtual currency or the cryptographic private keys used to access it on behalf of another person. The bill defines "virtual currency" and "virtual-currency custody services." Banking institutions must ensure customer virtual currency and associated control mechanisms are legally and operationally segregated from their assets.
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