Banks; virtual currency custody services. (HB263)

Introduced By

Del. Chris Head (R-Roanoke) with support from co-patron Del. Mark Keam (D-Vienna)

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 »

Outcome

Bill Has Passed

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)
01/25/2022House subcommittee amendments and substitutes offered
01/25/2022Subcommittee recommends reporting with amendments (7-Y 0-N)
01/27/2022Reported from Commerce and Energy with amendment(s) (22-Y 0-N) (see vote tally)
01/31/2022Read first time
02/01/2022Read second time
02/01/2022Committee amendment agreed to
02/01/2022Engrossed by House as amended HB263E
02/01/2022Printed as engrossed 22100187D-E
02/02/2022Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/02/2022VOTE: Block Vote Passage (98-Y 0-N) (see vote tally)
02/03/2022Constitutional reading dispensed
02/03/2022Referred to Committee on Commerce and Labor
02/28/2022Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/03/2022Read third time
03/03/2022Passed Senate (39-Y 0-N) (see vote tally)
03/08/2022Enrolled
03/08/2022Bill text as passed House and Senate (HB263ER)
03/08/2022Signed by Speaker
03/08/2022Signed by President
03/10/2022Impact statement from SCC (HB263ER)
03/22/2022Enrolled Bill communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 623 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0623)

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