“Blockchain is a booming industry that Texas needs to be involved in.” – Gov. Greg Abbott
Over the past week, Texas has undergone significant developments in opening the Texas market to crypto business and banking. As a result of the efforts by Governor Abbott, virtual currencies are classified under the Texas Uniform Commercial Code as a secured transaction:
“Over the weekend I signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it,” - Governor Abbott on LinkedIn.
This development follows an industry notice released on Thursday, June 10, by the Texas Department of Banking. Texas state-chartered banks are now authorized to provide custody services for crypto: “This notice affirms that Texas state-chartered banks may provide customers with virtual currency custody services, so long as the bank has adequate protocols in place to effectively manage the risks and comply with applicable law.”
The notice defines cryptocurrency or “virtual currency” as "an electronic representation of value intended to be used as a medium of exch