Banks; virtual currency custody services.
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HB 263 — Banks; virtual currency custody services.
Last action — Approved by Governor-Chapter 623 (effective 7/1/22)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed House of Delegates
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 11, 2022. Enacted.
Signed by Governor Glenn Youngkin (Republican) on April 11, 2022.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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2 sponsors
1 primary, 1 co-sponsors signed on.
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Cleared a recorded vote
Passed 6 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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.
Bill Text
What changed in the latest version
41 added · 40 removedPlain-language change summary
The amendment adds details to a section regarding banks and virtual currency custody services. It includes definitions for terms such as "bank," "custody services," "self-assessment," and "virtual currency." The law allows banks to offer virtual currency custody services, provided they have adequate risk management protocols and conduct a thorough self-assessment before doing so. This change clarifies how banks can manage virtual currencies on behalf of their customers.
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E623 An Act to amend the Code of Virginia by adding in Article 2 of Chapter 8 of Title 6.2 a sectionNsection numbered 6.2-818.1, relating to banks;
R O [H 263] L Approved April 11, 2022 Be it enacted by the General Assembly of Virginia:
L 1.
That the Code of Virginia is amended by adding in Article 2 of Chapter 8 of Title 6.2 a sectEonsection numbered 6.2-818.1 as follows:
D A.
assets.tody"Custody services" means the role of a bank in the safekeeping and custody of various customer "Self-assessment"ass"Self-assessment" has the same meaning as provided in § 6.2-947.
"Virtual currency" does not exist in a physical fHrm;form;
it is intangible and exists only on the blockchain or distributed ledger associated with a particular2virtualparticular virtual currency.
The owner of virtual currency holds cryptographic keys associated with the specific u3itunit of andvirtual utilizecurrency it.y in a digital wallet, which allows the rightful owner of the virtual currency tRto access B.and utilize it.
B.
relevant1. risks associated with custody of digital assets such as virtual currency;, and control 2.
Implement effective risk management systems and controls to measure, monitor, and control relevant risks associated with custody of digital assets such as virtual currency;
2.
A bank may provide virtual currency custody services in either a nonfiduciary or fiduciary capIncapacity. providing such services in a nonfiduciary capacity, the bank shall act as a bailee, taking possession of the customer's asset for safekeeping while legal title remains with the customer, meaning that the customer retains direct control over the keys associated with their virtual currency.
In providing such services in a nonfiduciary capacity, the bank shall act as a bailee, taking possession of the customer's asset for safekeeping while legal title remains with the customer, meaning that the customer retains direct control over the keys associated with their virtual currency.
Acting in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank authorityby tocreating managenew virtualprivate currencykeys assetsto asbe it would any other type of asset held inby suchthe capacity.bank.
In its fiduciary capacity, a bank shall have authority to manage virtual currency assets as it would any other type of asset held in such capacity.
View plain text versions (4)
- CHAP0623 View text Current pdf April 11, 2022
- HB263ER View text pdf March 08, 2022
- Engrossed Printed as engrossed 22100187D-E pdf February 01, 2022
- Prefiled Prefiled and ordered printed; offered 01/12/22 22100187D pdf January 11, 2022
Action History
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Approved by Governor-Chapter 623 (effective 7/1/22)
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Governor's Action Deadline 11:59 p.m., April 11, 2022
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Enrolled Bill communicated to Governor on March 22, 2022
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Impact statement from SCC (HB263ER)
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Signed by President
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Signed by Speaker
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Enrolled
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Passed Senate (39-Y 0-N)
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Read third time
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Constitutional reading dispensed (40-Y 0-N)
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Reported from Commerce and Labor (15-Y 0-N)
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Referred to Committee on Commerce and Labor
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Constitutional reading dispensed
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VOTE: Block Vote Passage (98-Y 0-N)
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Read third time and passed House BLOCK VOTE (98-Y 0-N)
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Printed as engrossed 22100187D-E
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Engrossed by House as amended HB263E
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Committee amendment agreed to
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Read second time
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Read first time
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Reported from Commerce and Energy with amendment(s) (22-Y 0-N)
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Subcommittee recommends reporting with amendments (7-Y 0-N)
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House subcommittee amendments and substitutes offered
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Impact statement from SCC (HB263)
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Assigned sub: Subcommittee #1
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Referred to Committee on Commerce and Energy
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Prefiled and ordered printed; offered 01/12/22 22100187D
Sponsors
- Christopher T. Head · Primary
- Mark L. Keam · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 146 not signed on
Sponsors (1)
Co-sponsors (1)
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 39 | 0 | 0 | 1 |
| Total | 39 | 0 | 0 | 1 |
| % of votes cast | 98% | 0% | 0% | 3% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 15 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Spruill, Lionell, Sr. | — | Yea |
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Edwards, John S. | — | Yea |
| L. Louise Lucas | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| R. Creigh Deeds | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Scott A. Surovell | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 97 | 0 | 0 | 2 |
| Total | 97 | 0 | 0 | 2 |
| % of votes cast | 98% | 0% | 0% | 2% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 22 | 0 | 0 | 0 |
| Total | 22 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Adams, Les R. | — | Yea |
| Alfonso H. Lopez | — | Yea |
| Batten, Amanda E. | — | Yea |
| Byron, Kathy J. | — | Yea |
| Christopher T. Head | — | Yea |
| Don Scott | — | Yea |
| Gooditis, Wendy W. | — | Yea |
| Guzman, Elizabeth R. | — | Yea |
| Israel D. O'Quinn | — | Yea |
| Jeion A. Ward | — | Yea |
| Joseph P. McNamara | — | Yea |
| Keam, Mark L. | — | Yea |
| Kory, Kaye | — | Yea |
| Lamont Bagby | — | Yea |
| Marshall, Daniel W., III | — | Yea |
| Michael J. Webert | — | Yea |
| Mullin, Michael P. | — | Yea |
| R. Lee Ware | — | Yea |
| Ransone, Margaret B. | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Terry G. Kilgore | — | Yea |
| Tony O. Wilt | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 7 | 0 | 0 | 2 |
| Total | 7 | 0 | 0 | 2 |
| % of votes cast | 78% | 0% | 0% | 22% |
How each member voted (9)
| Member | Party | Vote |
|---|---|---|
| Batten, Amanda E. | — | Yea |
| Byron, Kathy J. | — | Not Voting |
| Don Scott | — | Yea |
| Israel D. O'Quinn | — | Yea |
| Keam, Mark L. | — | Yea |
| Kory, Kaye | — | Not Voting |
| Marshall, Daniel W., III | — | Yea |
| Terry G. Kilgore | — | Yea |
| Tony O. Wilt | — | Yea |
Subjects
Frequently asked questions
- What does HB 263 do?
- 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.
- Who sponsors HB 263?
- HB 263 is sponsored by Christopher T. Head and Keam, Mark L..
- What is the current status of HB 263?
- This bill has been enacted into law. Introduced January 11, 2022. Enacted.
- Where can I track HB 263?
- Track HB 263 free on One Click Politics — get push/email alerts when it moves.
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