Texas Clarifies That State-Chartered Banks Can Custody Bitcoin
The Texas Department of Banking issued a notice reaffirming that state-chartered banks can provide bitcoin custody services.The Texas Department of Banking has released a notice affirming that state-chartered banks can offer bitcoin custody solutions to customers, so long as the bank has specific protocols in place to manage risk and comply with the law. The authority to provide these services already existed under the Texas Finance Code.The notice states that banks can choose the specific custody and storage solutions they want to offer their customers depending on what best fits the....
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The Texas Department of Banking has announced that state-chartered banks can provide cryptocurrency custody services. “The Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists,” the banking authority said. Texas State-Chartered Banks Officially Authorized to Offer Crypto Custody Services The Texas Department of Banking issued a notice to the banking industry Thursday, stating: Texas state-chartered banks may provide customers with virtual currency custody services, so long as the bank has adequate....
The Texas House of Representatives passed a bill to recognize cryptocurrencies under commercial law last month. A Texas state regulator has officially affirmed that Texas state-chartered banks are allowed to store cryptocurrencies like Bitcoin (BTC) for their customers.The Texas Department of Banking, a state regulatory agency chartering state banks and supervising financial services, issued a notice on Thursday stating that local banks are permitted to provide crypto services in the state.The agency noted that Texas banks “may provide customers with virtual currency custody services, so....
Firms could potentially become federally chartered banks allowed to provide crypto custody services by converting their business charters. Acting Comptroller of the Currency Brian Brooks — soon to be confirmed in the role full time — has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.In a Nov. 17 interview with Forbes, Brooks stated that there are currently three methods for payment companies to become a federally chartered bank. The first option is to apply for a non-depository national bank charter, and the other two....
British bank Standard Chartered will offer cryptocurrency broker services in Ireland through its Zodia Custody subsidiary. The digital asset custodian will focus on signing up institutional investors in the Republic which has become a European base for many financial institutions and crypto companies. Standard Chartered to Provide Crypto Custody to Institutions in Ireland Zodia Custody, the Standard Chartered Bank’s crypto brokerage, is planning to offer its services to institutional investors in Ireland, the Irish daily Independent revealed on Sunday. The company operates as an....
SC Ventures, the innovation and ventures unit of Standard Chartered, will launch a crypto custody service targeting institutional investors in London next year. According to a Dec. 9 press statement, the British bank is partnering with U.S. wealth and asset management firm Northern Trust for the project. Together, they will launch a new business called Zodia Custody. The deal is still subject to registration with the U.K. Financial Conduct Authority (FCA) and other regulatory approvals. At launch, Zodia will provide custody services for bitcoin (BTC), ether (ETH), ripple (XRP), litecoin....