MN SF3794

Minnesota banking institutions and credit unions would be authorized to provide virtual-currency custody services (safekeeping, controlling, or managing virtual currency and cryptographic private keys) in fiduciary or nonfiduciary capacities

Institutions must provide written notice to the commissioner at least 60 days before commencing virtual-currency custody services, describing the services and risk management framework

Customer virtual currency must be legally and operationally segregated from the institution's own assets and cannot be treated as the institution's property

Institutions must maintain written policies and procedures for risk management, internal controls, cybersecurity, business continuity, and compliance to ensure safe and sound operations

Effective August 1, 2026, applying to virtual-currency custody services commenced on or after that date