TechFlow News, May 19: According to CoinDesk, Minnesota Governor Tim Walz signed a virtual currency bill on May 19. Starting August 1, state-chartered banks and credit unions in Minnesota will be permitted to offer cryptocurrency custody services to customers—making Minnesota the first Midwestern U.S. state to establish a unified legislative framework for digital assets. The law explicitly requires that customers’ digital assets be segregated from the institution’s own assets. Additionally, institutions must submit their risk management and cybersecurity plans to the Minnesota Commissioner of Commerce at least 60 days prior to commencing such services. Meanwhile, Governor Walz separately signed another bill that, effective August 1, will ban cryptocurrency ATMs and kiosks statewide, citing their increasing use as tools for fraud—particularly targeting elderly populations.
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