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Minnesota Governor Signs Law Allowing Banks, Credit Unions to Offer Crypto Custody Services; Takes Effect Aug. 1

GateNews

Regulation & Policy

2026-05-19 06:14:03

Minnesota Governor Tim Walz signed HF 3709 into law on Friday, permitting banks and credit unions to offer virtual-currency custody services, according to the Minnesota Legislature. The bill takes effect on Aug. 1, 2026.

Financial institutions must maintain written policies for risk management and security, submit detailed compliance frameworks to the Minnesota Commissioner of Commerce at least 60 days before commencing services, and ensure segregation of client assets from their own assets.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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