Crypto Currency Storage in Texas

What’s happening? On Thursday June 10, 2021 the Texas Department of Banking issued an industry notice “that Texas state-chartered 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.”

Why is this important? Custody of virtual currency is growing practical and policy issue. Especially securing storage when servers go offline.

How will this be important? We have to think that the state regulatory action begets statutory changes in Texas and in other states.

Dallas Morning News | Cryptocurrency wins votes of confidence from Gov. Abbott, Texas Department of Banking

Texas Department of Banking Industry Notice on Cryptocurrency Custody