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Many people use banks or credit unions to manage their money. But soon, these same institutions could help some people manage their cryptocurrency. 

A new law taking effect Aug. 1, 2026, in Minnesota lays out the rules for financial institutions wanting to become so-called “crypto custodians.”

Advocates for the legislation say it’s an important step in ensuring local banks and credit unions stay competitive against national crypto companies. 

Minnesota Department of Commerce Deputy Commissioner Michael Crow spoke to MPR News host Nina Moini about the new regulations and what it could mean for the state’s economy.

Use the audio player above to listen to the full conversation.

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The law takes effect August 1 and lays out rules around crypto custody. Advocates for the legislation say it’s an important step in ensuring local banks and credit unions stay competitive against national crypto companies.

Many people use banks or credit unions to manage their money. But soon, these same institutions could help some people manage their cryptocurrency. A new law taking effect August 1, 2026 in Minnesota lays out the rules for financial institutions wanting to become so-called “crypto custodians.”Advocates for the legislation say it’s an important step in ensuring local banks and credit unions stay competitive against national crypto companies. Minnesota Department of Commerce Deputy Commissioner Michael Crow spoke to MPR News host Nina Moini about the new regulations and what it could mean for the state’s economy.

New law creates rules for MN banks and credit unions venturing into cryptocurrency

 A visual representation of the digital Cryptocurrency, Bitcoin

New law creates rules for Minnesota banks and credit unions venturing into cryptocurrency

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