Earlier this week, the US state of Virginia passed a landmark Senate law. Governor Glenn Young is expected to sign the new law next week, after which it will officially come into force. Banks in Virginia are required by law to provide cryptocurrency services to customers, including reports Fox BusinessA great step for the Virginia and crypto industry in the United States.

Crypto Law

Significantly, the law was passed unanimously by the Virginia Senate. No senator voted against the bill. This shows that the crypto industry is starting to get a serious foothold with US lawmakers.

Prior to this, he was unable to act as a security guard for the bank Cryptocurrencies To serve their customers in the state of Virginia. This new law will change that. After the governor enacts legislation, banks can hold cryptocurrencies until they meet a number of conditions.

“As long as the bank has sufficient protocols to effectively manage risk and comply with applicable law, a bank can provide virtual currency policing services to its customers.”

It makes Virginia the first U.S. state to allow state-owned banks to act as custodians of cryptocurrencies for customers. Representative Chris Head, who introduced the bill, pointed out that it would give Virginia a more serious edge than other states in the country.

“Functionally, the bill allows state-owned banks in Virginia Keys Having someone’s cryptocurrency wallet is like how individuals use lockers in banks. Ultimately, this will bring significant benefits to Virginia regionally and nationally.

Crypto Adoption

Of course, this is the latest example of crypto being adopted around the world. Especially in the United States, lawmakers seem to be taking concrete steps to embrace the crypto sector at this time.

It is not only known in Virginia. In such states Texas⁇ New YorkIn Florida and Colorado, the crypto industry is gaining momentum. In Colorado, Recently announced From this summer residents can start paying their taxes in crypto form.