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Cryptocurrency

Texas regulator allows state-chartered banks to hold Bitcoin

June 11, 2021. Summarized by summa-bot.

Compression ratio: 38.7%. 1 min read.

The Texas House of Representatives passed a bill to recognize cryptocurrencies under commercial law last month.

The Texas Department of Banking, a state regulatory agency chartering state banks and supervising financial services, issued a notice on Thursday stating that local banks are permitted to provide crypto services in the state.

The agency noted that Texas banks “may provide customers with virtual currency custody services, so long as the bank has adequate protocols in place to effectively manage the risks and comply with applicable law. ”

The authority further stated that banks can store crypto on customers’ behalf, either by keeping copies of the customer’s private keys or holding the assets directly in the bank’s custody by creating new private keys held by the bank.

Federally chartered banks also received authorization for providing crypto custody services in July 2020.

by summa-bot

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