Minnesota signs bill to allow banks and credit unions to offer crypto custody

The state of Minnesota has signed a bill allowing banks and credit unions to provide cryptocurrency custody services. This enables local financial institutions to legally offer storage for virtual assets like BTC. The legislation aims to create a clear regulatory framework for financial institutions to participate in the digital asset business and to expand the scope of crypto services within the traditional financial sector. Under the bill, these institutions must establish policies for risk management, cybersecurity, internal controls, and business continuity, and they will be supervised by the Minnesota Department of Commerce.