Virginia State Banks Receive Green Light to Custody Bitcoin

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  • The Senate of the Commonwealth of Virginia passes a bill allowing banks to offer custodial services for bitcoin and other cryptocurrencies.
  • Banks will adhere to self-assessment criteria in order to determine whether or not to offer custodial services.
  • If banks choose to operate as a fiduciary it requires new private keys to be generated for and held by the bank, while non-fiduciary banks allow customers to maintain title ownership.

Delegate Christopher T. Head, Senate member for the state of Virginia, introduced House Bill 263 in early January 2022 to allow traditional banks operating in the Commonwealth of Virginia to offer custodial services for bitcoin and other cryptocurrencies.

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