Cryptocurrency in Texas Banks is now available

Cryptocurrency in Texas Banks is now available to store. Financial institutions with a state banking license can now store copies of keys from crypto wallets and accept digital currency transfers.

The Texas Department of Banking has advised banks that they can  store their clients’ cryptocurrencies with “appropriate protocols.” The department noted that banks already have the authority to provide these services under the Texas Finance Code § 32.001.

State banks can now store copies of keys from crypto wallets and accept cryptocurrency transfers. Banks are also allowed to partner with other companies to provide such services.

Banks with fiduciary powers may offer fiduciary custody services, which means they have certain legal obligations to the customer, including “to keep the asset safe and return it intact upon request.”

Earlier, Greg Abbott announced plans to create a regulatory framework for the development of cryptocurrencies and blockchain technology in Texas.

In late May, Nebraska passed a bill allowing depositories holding digital assets to obtain a banking license. The law was developed by local Senator Mike Flood in conjunction with blockchain company Telcoin.

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