- Texas State has just passed a new law regarding crypto custody in banks.
- The notice states that state-chartered banks may store crypto on their clients’ behalf.
- Although the update doesn’t change much, seems like Texas is warming up to crypto.
Earlier today the Texas Department of Banking issued a notice regarding crypto custody in banks. The notice stated that state-chartered banks may store crypto on clients’ behalf. This is only if they have “adequate protocols in place” for complying with the law.
To clarify, the Texas state has given state-chartered banks the go-ahead to custody crypto. They can do so based on standard risk tests by the banks themselves. However, before Texan crypto enthusiasts celebrate this, it is important to know that nothing’s really changed.
The notice read,
“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets. While custody and safekeeping of vir...This article was first published on coinquora.com