Banks; virtual currency custody services. (HB263)

Introduced By

Del. Chris Head (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Banks; virtual currency custody services. Permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks. The bill defines "virtual currency" and provides that a bank may choose to offer such custody services in a nonfiduciary capacity or a fiduciary capacity. If it chooses to provide such custody services in a fiduciary capacity, it must possess trust powers and have a trust department approved by the State Corporation Commission. Read the Bill »

Status

01/18/2022: In Subcommittee

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22100187D
01/11/2022Referred to Committee on Commerce and Energy
01/18/2022Assigned sub: Subcommittee #1
01/19/2022Impact statement from SCC (HB263)

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