30 August 2026
Virginia Banks Will Now Offer Crypto Custody Services
Yesterday, Virginia’s Senate approved a bill that will permit banks in the state to provide Crypto custody services. The bill will come into the effect once it is signed by Governor of Virginia Glenn Youngkin.
The bill enables banks to hold wallet keys for customers, and it favors more for institutional investors with large crypto holdings.
Bill no. 263 was presented by Delegate Christopher T. Head, to capitalize on the growing popularity of Crypto.
“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.” -Delegate Head to Fox News
It marks another step in the increasing trend among U.S. states regulating Cryptocurrency. In the previous month, Colorado state announced that they will start accepting Bitcoin and other popular altcoins as tax payments.
2021 Crypto boom also attracted several investors due to favorable regulation. According to the National Conference of State Legislatures data, 33 states had introduced legislation involving Crypto in 2021.
Arizona and Wyoming have also drafted bills that will allow citizens to pay taxes in Crypto. Arizona also said that it intends to make Bitcoin legal tender in the state. While Mayor of New York City, Eric Adams had also agreed to take his first three paychecks in Crypto.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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