Credit unions; virtual currency custody services. Permits a credit union in the Commonwealth to engage in virtual currency custody services, provided that the credit union has adequate protocols in place to effectively manage the associated risks and comply with applicable laws and, prior to offering virtual currency custody services, the credit union has carefully examined the risks in offering such services through a methodical self-assessment process. To engage in such services, the credit union must implement effective risk management systems, maintain adequate insurance coverage, and maintain a service provider oversight program. The bill allows that such credit union may provide such services in a fiduciary or nonfiduciary capacity; however, no credit union shall provide virtual currency custody services in a fiduciary capacity without first obtaining authorization to do so from the State Corporation Commission.

Statutes affected:
House: Prefiled and ordered printed; offered 01/11/23 23100896D: 6.2-1302
Senate: Committee substitute printed 23106619D-S1: 6.2-1302
House: Bill text as passed House and Senate (HB1727ER): 6.2-1302
Governor: Acts of Assembly Chapter text (CHAP0303): 6.2-1302