Minnesota allows state-chartered banks to provide cryptocurrency custody services
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Minnesota has passed legislation allowing state-chartered banks and credit unions to provide cryptocurrency custody services, in response to Wall Street's expansion in the digital asset sector. The law will take effect on August 1st, 2026, and bans cryptocurrency ATMs and self-service terminals statewide. Institutions offering custody services are required to meet strict federal compliance standards, but will not be covered by federal deposit insurance.
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