Minnesota Law Opens Crypto Custody to Banks, Credit Unions — One Credit Union Already Has a Head Start
Bitcoin Magazine
New Minnesota legislation allows state-chartered banks and credit unions to legally provide cryptocurrency custody services to their customers.Summary
Minnesota has enacted legislation, HF 3709, which officially permits state-chartered banks and credit unions to offer cryptocurrency custody services starting August 1, 2026. The law requires institutions to implement rigorous risk management, cybersecurity, and asset segregation protocols, and mandates a 60-day notification period to the Minnesota Commissioner of Commerce. This regulatory framework aims to provide a secure, local alternative to offshore providers. Notably, St. Cloud Financial Credit Union has already launched a digital asset vault, providing a model for compliance and demonstrating that institutions can successfully integrate digital assets into traditional community-focused banking.
(Source：Bitcoin Magazine)