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Minnesota Takes Dual Approach to Crypto: Authorizes Bank Custody While Prohibiting ATMs
Minnesota has established itself as the Midwest’s trailblazer by enacting comprehensive legislation that permits both banks and credit unions to provide cryptocurrency custody services to clients. Governor Tim Walz authorized House File 3709, with implementation scheduled for August 1. State-chartered banking institutions may provide cryptocurrency custody services in either fiduciary or nonfiduciary arrangements. Credit unions, however, are restricted to nonfiduciary capacities exclusively. Both institution types may engage third-party vendors or subcustodians to facilitate these operations. A critical stipulation ... (full story)
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