Bill > HF3709

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. These institutions must conduct these services in a safe and sound manner, with established policies for risk management, cybersecurity, and business continuity, and must notify the commissioner of financial institutions at least 60 days before starting. The virtual currency held must be legally and operationally segregated from the institution's own assets, and while they can use third-party providers, they remain responsible for oversight. This legislation, effective August 1, 2026, does not authorize any activities otherwise prohibited by law or change how virtual currency is legally defined.

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https://www.revisor.mn.gov/bills/94/2026/0/HF/3709/