Texas Allows State Banks to Hold Bitcoin

The Texas Banking Department released a statement today confirming that state-chartered banks can store cryptocurrency on behalf of customers, provided they have "adequate protocols" to comply with the law. While this may seem like a big win for cryptocurrency companies and users in the state, nothing has really changed, according to the ministry. “Texas state-chartered banks have long provided custody and custody services for various assets to their clients,” he wrote. While the custody and custody of virtual currencies will necessarily differ from those associated with more traditional assets, the Texas Banking Department believes that the authority to provide these services in relation to virtual currencies already exists under the Texas Finance Act. 32,001." Experts say the Texas Crypto Bill proposal has a major flaw. The notice gives the banks involved the ability to store copies of private keys and even accept cryptocurrency transfers only in wallets controlled by banks. They can also partner with third parties. Also, trust authorized banks may offer fiduciary custodian services, which means they have certain legal obligations to the client, including "keeping the asset safe and returning it unharmed upon request." It offers leasing and financial institutions a measure of choice. However, since 1999, Texas has state banking statutes have given national banks "superiority". In other words, a Texas-affiliated bank can do anything a federally chartered bank can do. owner, just behind California sit Insurance Company. Wyoming is working hard to attract cryptocurrency-based businesses. A series of blockchain laws paid in crypto last year

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