Thursday, September 23

Texas Allows State Licensed Banks to Store Crypto

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The Texas Banking Department has allowed state-licensed banks to hold crypto assets.

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The banking department’s statement is simply acknowledgment that standard risk-based assessments by the banks themselves are sufficient to provide cryptocurrency custody.

The statement from the department is as follows:

“The virtual currency custody services a bank chooses to offer will depend on the bank’s expertise, risk assessment and business model. For example, the bank may choose to allow the customer to retain direct control over their virtual currency and only keep copies. Alternatively, the bank may cause the client to transfer the virtual currency directly to the bank’s control and then generate new private keys held by the bank on behalf of the client.

The regulator made a similar announcement last year and gave the green light to crypto.

The state of Texas continues to take positive steps about cryptocurrencies. Governor Greg Abbott recently took to Twitter to promote the government’s engagement with blockchain.

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