; (2) to hold additional regulatory capital against assets in custody or safekeeping, or the assets associated with a cryptographic key held in custody or safekeeping, except as necessary to mitigate against operational risks inherent with the custody or safekeeping services, as determined by— (A) the appropriate Federal banking agency; (B) the National Credit Union Administration (in the case of a credit union); (C) a State bank supervisor (as defined under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )); or (D) a State credit union supervisor (as defined under section 6003 of the Anti-Money Laundering Act of 2020); (3) to recognize a liability for any obligations related to activities or services performed for digital assets with respect to which such institution does not have beneficial ownership if that liability would exceed the expense recognized in the income statement as a result of the corresponding obligation. (b) Definitions In this section: (1) Depository institution The term depository institution has the meaning given that term under section 3 of the Federal Deposit Insurance Act. (2) Credit union terms The terms Federal credit union and State credit union have the meaning given those terms, respectively, under section 101 of the Federal Credit Union Act. 412. Effective date; administration Except as otherwise provided under this title, this title and the amendments made by this title shall take effect 360 days after the date of enactment of this Act, except that, to the extent a provision of this title requires a rulemaking, the provision shall take effect on the later of— (1) 360 days after the date of enactment of this Act