<div id="readability-page-1"><div>Minnesota has enacted a bill allowing banks and credit unions to offer cryptocurrency custody services, as the state continues examining the legal boundaries of various crypto-related services.HF 3709, which was signed into law by Governor Tim Walz on Friday, permits &#34;certain virtual-currency custody services​ to be offered and performed,&#34; according to the Minnesota Legislature website. The bill is set to take effect on Aug. 1, 2026.Banking institutions and credit unions are required to maintain written policies governing risk management, internal controls, and security, among other compliance measures.They must also submit written notice — including details of their risk management frameworks — to the Minnesota Commissioner of Commerce at least 60 days before commencing crypto custody services.Notably, the bill also requires banks and credit unions to ensure the segregation of client assets from the institutions' own assets.Rep. Bernie Perryman, one of the main authors of the bill, said in a March press release that HF 3709 is about ensuring that Minnesota-based financial institutions are allowed to &#34;evolve alongside their customers and members,&#34; rather than forcing residents to rely on unregulated out-of-state or offshore providers for such services.The Minnesota Credit Union Network, a state trade association, said Friday that the legislation &#34;gives Minnesotans a safer way to manage crypto&#34; and strengthens protections against fraud, hacks, and loss through regulatory oversight.Minnesota joins a growing list of states that have permitted certain banks to provide crypto custody services. New York, Wyoming, and Virginia already have similar regulations in place.Crypto ATMsMeanwhile, Minnesota enacted a bill earlier this month that bans crypto ATMs and kiosks across the state. The legislation, SF 3868, stipulates that as of Aug. 1, no new crypto ATMs can be installed, and existing kiosks may no longer operate. Operators must remove all crypto kiosks by Dec. 31.Last month, the Canadian government also said in its spring economic update that it plans to ban crypto ATMs, citing their role in fraud and money laundering.These regulatory developments have led Bitcoin ATM operator Bitcoin Depot to file for Chapter 11 bankruptcy and wind down its business, as announced on Monday.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</div></div>

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Minnesota has passed a law allowing banks and credit unions to offer cryptocurrency custody services, effective August 1, 2026. Institutions must implement risk management policies and notify the Minnesota Commissioner of Commerce before starting these services. This legislation aims to provide safer crypto management for residents. Additionally, a separate bill bans crypto ATMs and kiosks in the state, requiring their removal by December 31.

- Minnesota has passed a bill allowing banks and credit unions to provide cryptocurrency custody services, effective August 1, 2026.  
- The legislation mandates financial institutions to implement risk management policies and submit notifications to the Minnesota Commissioner of Commerce before starting these services.  
- Additionally, another bill has banned crypto ATMs and kiosks, requiring their removal by December 31, highlighting a growing regulatory environment surrounding cryptocurrency in the state.

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Minnesota signs law allowing banks, credit unions to offer crypto custody services