Cryptocurrency markets

Texas authorities allowed banks to store cryptocurrency

Texas authorities allowed banks to store cryptocurrency
The Texas Department of Banking has allowed state banks to store cryptocurrencies. This is stated in the notification of the regulator dated June 10.
The department noted that financial institutions have been providing services for the storage of various assets for a long time. The notification only confirms the ability of banks to work with cryptocurrencies within the framework of the relevant legal framework.
Texas authorities allowed banks to store cryptocurrency

Texas authorities allowed banks to store cryptocurrency

The department noted that financial institutions have been providing services for the storage of various assets for a long time. The notification only confirms the ability of banks to work with cryptocurrencies within the framework of the relevant legal framework.
The types of custody services may differ depending on the institution and its business model, the department added.
“For example, a bank could allow a customer to retain direct control over their own virtual currency and simply keep copies of private keys. […] Alternatively, the bank can force the client to transfer their virtual currency directly under the control of the organization, ”the document says.
Earlier, Greg Abbott announced plans to create a regulatory framework for the development of cryptocurrencies and blockchain technology in Texas.

Recall that at the end of May, the Nebraska authorities allowed local banks to store digital assets.

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