Governor Tim Walz signed the corresponding law, which will come into effect on August 1, 2026. Institutions are required to submit information to the state's commerce commissioner 60 days before they begin providing services. This information includes risk management mechanisms and the segregation of client assets from the institution's own assets. The author of the bill, Republican Bernie Perryman, stated that the goal of the legislation is to utilize local platforms instead of offshore companies. Similar bills have previously been passed in New York, Wyoming, and Virginia. Additionally, Minnesota will ban the installation of new cryptocurrency ATMs starting August 1, and operators are required to dismantle all 400 devices in the state by December 31.