The US state of Wyoming has introduced a new set of rules to regulate the digital asset custody platforms. With this announcement, Wyoming has become the first country to unveil Crypto Custody Rules for ‘Blockchain Banks’.
The regulations are opt-in and cover areas like forks, airdrops, and stalking. These rules are applicable to banks offering digital asset custodial services.
The rules were published by the state’s blockchain taskforce at the Fordham Law Blockchain Regulatory Symposium in New York on Monday 11 November 2019, according to a thread of tweets published by Wyoming Blockchain Task Force president Caitlin Long. In her tweets, she pointed out that the newly published custody rules include what she claims are the first regulatory requirements for digital asset custodians in many areas – including forks, airdrops, staking, customer notice requirements and so on. “A qualified custodian shall maintain customer digital assets, funds and other securities which are not digital assets,” she further noted.
As Cointelegraph has reported on 30 January 2019, America’s least populous state has approved a steady stream of blockchain and cryptocurrency-related legislations.