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Minnesota Governor Signs HF 3709 Allowing Banks, Credit Unions to Offer Crypto Custody Services

GateNews
Regulation & PolicyGeopolitics

According to the Minnesota Legislature, Governor Tim Walz signed HF 3709 into law on Friday (May 16), permitting banks and credit unions to offer cryptocurrency custody services. The bill takes effect on Aug. 1, 2026.

Financial institutions must maintain written policies governing risk management, internal controls, and security, and must notify the Minnesota Commissioner of Commerce at least 60 days before commencing services. The law also requires segregation of client assets from institutions' own assets. Minnesota joins New York, Wyoming, and Virginia in permitting bank-provided crypto custody services.

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