Minnesota Law Opens Crypto Custody to Banks, Credit Unions — One Credit Union Already Has a Head Start

Minnesota has granted banks and credit unions the authority to offer cryptocurrency custody services, effective August 1, 2026, with institutions required to adopt written policies and file notice before launching. The law aims to end regulatory ambiguity and allow financial institutions to evolve alongside their customers. One credit union, St. Cloud Financial Credit Union, has already launched its crypto custody service.