Cryptocurrency investors<\/a> are wise to pay attention to this important piece of legislation including its language as it might be used as a model for other state governments in the event that crypto continues to gain nationwide momentum.<\/p>\nVirginia banks must maintain sufficient protocols in place in order to comply with the letter of the law.\u00a0 The state\u2019s banks must also closely analyze all potential risks as stipulated by the bill.\u00a0 However, the nuances of how the bill will be worded have not been fully defined.\u00a0 The language of the bill will be finalized in the weeks and months ahead.\u00a0\u00a0<\/p>\n
It is anticipated that the bill\u2019s wording will be decided on when talks between the State Corporation Commission and state bankers occur.\u00a0 The anticipated timeline for the bill\u2019s completion was hinted at by the legislation\u2019s co-sponsor in Virginia Democratic Delegate Mark Keam.<\/p>\n
Virginia Lawmakers Sound Off<\/h3>\n
Keam stated he believes the new legislation is an opportunity for the state to steer cryptocurrency into the mainstream.\u00a0 Keam also believes Virginia\u2019s bold action in the context of banking and crypto will also steer the rest of the nation toward eventually accepting cryptocurrency as a legitimate form of payment for products and services and also as a legitimate investment security.\u00a0\u00a0<\/p>\n
According to Keam, the new legislation pertaining to Virginia banks makes crypto that much more tangible.\u00a0 Keam notes crypto is more meaningful and valuable when it has a physical component rather than merely being a string of letters and numbers on a screen.\u00a0 The physical component of crypto is available when people walk into Virginia banks and deposit virtual crypto into an account where it is protected by the financial institution.<\/p>\n
Keam\u2019s hope is that the new law reduces Virginians\u2019 anxiety about crypto and the blockchain tech as a whole.\u00a0 After all, Virginians are familiar with banks and financial services so it only makes sense that there is compatibility between these traditional financial institutions and cryptocurrency.<\/p>\n
Virginia Could Become Crypto Central<\/h3>\n
Head, the politician who originally introduced the bill, is adamant that the legislation will provide his home state with a significant competitive advantage as the use of crypto continues to become economically and socially normative.\u00a0 Head made a statement in which he noted how the rest of the country is now paying attention to Virginia and anticipating the acceptance of crypto to catalyze the state\u2019s economic development.<\/p>\n
Head also credited Texas for inspiring him to draft the bill.\u00a0 Head highlighted how the Texas Department of Banking permitted banks that were state-chartered to custody cryptocurrency in the summer of 2021.\u00a0 Furthermore, the United States Comptroller of the Currency that regulated banks which are federally chartered, made a similar decision in the summer of 2020.<\/p>\n<\/p><\/div>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Virginia, one of the reddest states in the union, is in the news for a somewhat surprising reason.\u00a0 The state\u2019s recent decision to permit its banks to offer custodial services in support of virtual currency represents a tip of the cap to the decentralize finance (DeFi) movement that continues to gain steam with each passing […]<\/p>\n","protected":false},"author":1,"featured_media":13815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[1253,52,3874,1020,7250,7251,4377],"class_list":["post-13814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-banks","tag-cryptocurrency","tag-custody","tag-law","tag-permits","tag-statechartered","tag-virginia"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/New-Virginia-Governor-Glenn-Youngkin.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13814"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13814\/revisions"}],"predecessor-version":[{"id":13816,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13814\/revisions\/13816"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/13815"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13814"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}