LOU LEG Virtual Currency Businesses


On May 16, LOU LEG passed bill extending virtual currency business.


  • LOU LEG passed bill SB 28 on licensing and regulation of virtual currency businesses.
  • Repeals section 3 of Act 331, which sets a termination date for the Act as Jul. 1, 2025.
  • Follows LOU LEG Jun. 2023 virtual currency business activity licensing, see #176505.
  • Bill Provisions
  • SB 28 repeals section 3 of Act 331 which sets a Jul. 1, 2025 termination date for Act.
  • Act 331 amended various sections of Virtual currency business act (LOU FIN 6:1381).
  • Legislative History
  • On Mar. 11, 2024, bill introduced in Senate; on Mar. 19, 2024, bill passed in Senate.
  • On Mar. 20, 2024, bill introduced in House; on May 15, 2024, bill passed in House.
  • On May 16, 2024, bill was sent to the governor to sign and is pending approval.
  • Effectiveness
  • If approved by governor, bill becomes effective on Aug. 1, 2024.
  • May. 2024 LOU LEG Governor Approval
  • On May 23, 2024, LOU LEG reported governor approved bill SB28 as Act 159.

Regulators LOU LEG
Entity Types Bank; Corp; Ins
Reference Act 159, 5/23/2024; PR, SB28, 5/16/2024; Rpl Act 331; Citation: LOU FIN 6:1381;
Functions Compliance; Cyber; Financial; Legal; Operations; Registration/Licensing; Technology
Countries United States of America
Category
State
Products Banking; Corporate; Cryptocurrency; Insurance
Regions Am
Rule Type Final
Rule Date 5/16/2024
Effective Date 8/1/2024
Rule Id 212489
Linked to Rule :176505
Reg. Last Update 5/23/2024
Report Section US Consumer

Last substantive update on 06/01/2024