Technology

This bill establishes a regulatory framework for North Carolina banks and credit unions to offer digital asset services, such as custody, staking, and transaction processing. It requires these financial institutions to notify state regulators before starting custody services and obtain specific approval if they intend to manage customer assets in a fiduciary capacity. The legislation also mandates clear written agreements between institutions and customers, explicitly stating that digital assets held by the bank are not insured deposits or liabilities of the institution. By defining key terms like digital assets and staking, the act aims to provide legal clarity and safety standards for the growing digital asset market within the state.