Connecticut’s House Bill 7082 restricts crypto businesses from using or engaging third-party entities for custody or control of virtual currency unless those entities are licensed or explicitly approved by the banking commissioner

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In addition to banning crypto in public accounts, the law overhauls money transmission statutes, introduces new definitions around digital wallets, control persons, and kiosks, and requires state-licensed firms to adopt rigorous compliance frameworks.

However, regardless of those current authorizations, the bill also prohibited the businesses from directly or indirectly using or engaging any other person, including a virtual currency control services vendor, to store or hold virtual currency for or on behalf of a customer—unless the other person was a licensed money transmitter, a qualified bank or credit union, or approved by the banking commissioner to do so.