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Minnesota Signs Law Allowing Banks to Offer Crypto Custody Services, Effective Aug. 1

GateNews

Regulation & Policy

2026-05-19 06:56:18

According to the Minnesota Legislature website, Governor Tim Walz signed bill HF 3709 into law on Friday, May 15, permitting banks and credit unions to offer cryptocurrency custody services. The legislation takes effect on Aug. 1, 2026.

Financial institutions must maintain written policies on risk management, internal controls, and security, and notify the Minnesota Commissioner of Commerce at least 60 days before commencing crypto custody operations. The bill also requires segregation of client assets from the institutions’ own holdings.

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