Authorities Allow Texas Banks to Store Cryptocurrencies
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11 June
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The Texas Department of Banking has authorized banks to store their customers' cryptocurrencies with the "adequate protocols."

Representatives of the department have emphasized financial institutions have long been offering services for the storage of various assets. The announcement simply confirms the ability of banks to work with cryptos within the relevant legal framework.

State-owned banks can now store key copies of cryptocurrency wallets as well as accept cryptocurrency transfers. Banks can also team up with other companies to provide these services.

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The types of custody services may differ depending on the institution and its business model, the department has added:

"For instance, the bank may choose to allow the customer to retain direct control over their own virtual currency and merely store copies of the customer’s private keys associated with that virtual currency. Alternatively, the bank may cause the customer to transfer their virtual currency directly to the control of the bank."

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