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Tuesday

22 June 2021

Texas to Allow State Banks to Hold Bitcoin - Decrypt

Texas to Allow State Banks to Hold Bitcoin - Decrypt


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The Texas Department of Banking todayissued a noticeconfirming that state-chartered banks may store cryptocurrency on clients' behalf, provided they have "adequate protocols in place" for complying with the law.

"Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets," it wrote.

Moreover, banks with trust powers may offer fiduciary custody services, meaning they have certain legal obligations to the client, including to "keep the asset safely and to return it unharmed upon request." .

However, since 1999, Texas state banking charters have provided"super parity"with national banks.

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