The state of Louisiana might soon pass a bill to offer licenses for crypto businesses to operate legally, according to a May 25 report. The bill was filed earlier this year with the goal of helping crypto businesses get official licensure and bring more crypto-related business to the state.
The new bill is backed by state representative Mark Weight. If the bill passes, the state would then have a crypto framework to operate from, defining a number of crypto-related terms.
The new bill got unanimous initial approval from Louisiana’s House of Representatives last week, but there is still a long road ahead. The bill next goes to the State Senate, and then to the Committee on Commerce, Consumer Protection, and International Affairs for further approval.
Conducting legitimate crypto business in the US is risky because the country is invested in preventing cryptocurrency from being used illegally. That’s why most of these companies set up shop in more crypto-friendly countries such as Malta, Switzerland and Canada.
If Louisiana can successfully pass its crypto license law, the state might join a few others seeking to provide clear regulations for cryptocurrency businesses. As previously reported, New York has been championing a rather attentive regulatory approach. The New York State Department of Financial Services (NYDFS) has so far granted just 18 BitLicenses since it began regulating the local crypto market in 2015.