Texas authorities allow banks to hold cryptocurrency

June 11, 2021


Texas authorities allow banks to hold cryptocurrency

The Texas Department of Banking has allowed state-owned banks to hold cryptocurrencies. The announcement was made in a 10 June notice from the regulator.

The agency noted that financial institutions have "long provided" custody services for various assets. The notification only confirms the ability of banks to handle cryptocurrencies within the relevant legal framework.

The types of custodial services may vary depending on the institution and its business model, the department added.

"For example, a bank may allow the customer to retain direct control over their own virtual currency and simply keep copies of the private keys. [...] Alternatively, the bank could force the customer to transfer their virtual currency directly to the organisation's control," the document states.

Earlier, Governor Greg Abbott announced plans to create a regulatory framework for cryptocurrency and blockchain technology in Texas.

Recall that in late May, Nebraska authorities allowed local banks to hold digital assets.

https://www.dob.texas.gov/


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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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