Chris Head
- Republican
- Senator
- District 3
Primary
Banks; virtual currency custody services. Permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks. The bill defines "virtual currency" and provides that a bank may choose to offer such custody services in a nonfiduciary capacity or a fiduciary capacity. If it chooses to provide such custody services in a fiduciary capacity, it must possess trust powers and have a trust department approved by the State Corporation Commission.
Banks; virtual currency custody services.Permits banks in the Commonwealth to provide virtual currency custodyservices so long as the bank has adequate protocols in place to effectivelymanage the associated risks. The bill defines "virtual currency"and provides that a bank may choose to offer such custody servicesin a nonfiduciary capacity or a fiduciary capacity. If it choosesto provide such custody services in a fiduciary capacity, it mustpossess trust powers and have a trust department approved by theState Corporation Commission.
Approved by Governor-Chapter 623 (effective 7/1/22)
Governor's Action Deadline 11:59 p.m., April 11, 2022
Enrolled Bill communicated to Governor on March 22, 2022
Impact statement from SCC (HB263ER)
Signed by Speaker
Signed by President
Enrolled
Passed Senate (39-Y 0-N)
Read third time
Constitutional reading dispensed (40-Y 0-N)
Reported from Commerce and Labor (15-Y 0-N)
Constitutional reading dispensed
Referred to Committee on Commerce and Labor
VOTE: Block Vote Passage (98-Y 0-N)
Read third time and passed House BLOCK VOTE (98-Y 0-N)
Printed as engrossed 22100187D-E
Engrossed by House as amended HB263E
Committee amendment agreed to
Read second time
Read first time
Reported from Commerce and Energy with amendment(s) (22-Y 0-N)
Subcommittee recommends reporting with amendments (7-Y 0-N)
House subcommittee amendments and substitutes offered
Impact statement from SCC (HB263)
Assigned sub: Subcommittee #1
Referred to Committee on Commerce and Energy
Prefiled and ordered printed; offered 01/12/22 22100187D
| Bill Text Versions | Format |
|---|---|
| Prefiled and ordered printed; offered 01/12/22 22100187D | PDF HTML |
| Printed as engrossed 22100187D-E | PDF HTML |
| HB263ER | PDF HTML |
| CHAP0623 | PDF HTML |
| Document | Format |
|---|---|
| Fiscal Impact Statement: HB263FER171.PDF | |
| Fiscal Impact Statement: HB263F171.PDF | |
| Amendment: HB263AH | HTML |
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