Bill > SF3794

This bill allows banking institutions and credit unions in Minnesota to offer virtual-currency custody services, which involves safekeeping, controlling, or managing virtual currency or the private keys used to access it on behalf of others. Before offering these services, both types of financial institutions must provide 60 days' written notice to the commissioner, detailing the services and their risk management plans. They are required to conduct these activities in a safe and sound manner, maintaining policies for risk management, cybersecurity, and business continuity, and must ensure that customer virtual currency is legally and operationally segregated from the institution's own assets. These services can be offered in a fiduciary or nonfiduciary capacity, similar to how other assets are handled, and institutions can use third-party providers while retaining oversight. The bill defines "virtual currency" and "control of virtual currency" by referencing existing state law and clarifies that it does not authorize prohibited activities or change the legal status of virtual currency. These provisions will take effect on August 1, 2026.

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https://www.revisor.mn.gov/bills/94/2026/0/SF/3794/