Home » Cryptocurrency News » Cryptocurrency News » Texas Banks Can Now Provide Bitcoin Custody Services For Clients Texas Banks Can Now Provide Bitcoin Custody Services For Clients June 12, 2021 With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients.Texas Banks to Hold Bitcoin In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable law.” The financial agency also explained that since these digital currencies exist on the blockchain, holders will have to access them using private keys.As a result, banks can either store clients’ private keys for them or hold the crypto assets in the bank’s custody, with total control over its new private keys.Whichever way, the decision is entirely up to the bank.“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility.The bank will have to determine which storage option best fits the circumstances.” Banks Can Partner Crypto Exchanges The agency also stated that the bank needs to confirm the existence of adequate coverage with its insurance carrier to guarantee the safety of clients’ crypto assets.To be on the safe side, banks are advised to seek professional knowledge of the risks associated with dealing with cryptocurrencies.
The Texas Department of Banking also said that banks can partner with cryptocurrency exchanges to help them provide these services to their clients.
While crypto businesses might see this as a new and welcome development, the agency noted that it is not entirely new within its department.“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets,” the regulator wrote.“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.” Share this: The Flippening: Bitcoin Cash BSV Surpassed ABC To Become The Real Bitcoin Cash It has been exactly three weeks since the Bitcoin Cash hard fork had occurred and led to the birth of two coins – Bitcoin Cash ABC and Bitcoin Cash SV.Right after the fork took place, Bitcoin ABC (now with the BCH ticker in most of the exchanges) emerged as the winner of the hash war… Bitcoin Surges $700 in 24 Hours – Is $11K Around the Corner? BTC Price Analysis In our recent Bitcoin price analysis two days ago, we identified bullish signs for Bitcoin, still under $10,000 at the time.Since our analysis, and over the past two days, Bitcoin gained momentum, breaking above the mentioned resistance level provided by the 4-hour MA-50 (~$9,700), along with the descending trend line.Since then, we saw… Bitcoin’s S2F Model Is Still on Track: Targeting Price of $55,000 The stock-to-flow (S2F) model is the brainchild of crypto analyst going by the twitter handle ‘PlanB.’ It was initially published in March 2019 and examines the relationship between the production of supply and the current stock available, essentially calculating Bitcoin’s value through scarcity.
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