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Crypto Business Licensing Bill Seeking Approval From Louisiana State Senate

Vandana Malik by Vandana Malik - 01:14 PM May 23, 2020
Crypto Business Licensing Bill Seeking Approval From Louisiana State Senate

The Louisiana State Senate is all set to consider the crypto business licensing bill. This bill has been prepared to regulate all the virtual currency businesses and providing a license to them.

The crypto business licensing bill has been approved unanimously by the State House of Representatives. After this approval, it has been sent to the Senate Committee on Commerce of the state and Consumer Protection and International Affairs.

First crypto licensing regime through this business licensing bill

It has to be noted down that if this bill will be passed by the State Senate then this is going to be the first-ever crypto licensing regime of Louisiana. It has been mentioned in the crypto business licensing bill that all the crypto businesses of the state will have to apply with Louisiana’s Office of Financial Institutions (OFI). Along with this, they will have to apply for the fork over executives fingerprints. The entrepreneurs will have to show their as well as their businesses character, experience and general fitness for the proper investigation. Among all these requirements, there will be a requirement of registration fees as well which will be non-refundable.

It has also been stated in the bill that all the firms which have received licenses from similar regimes by the state, do not have to register themselves under this bill.

Bill might cost around $150,000 in the first year

It has been specified that OFI will be charging an application fee and an annual renewal as well. It has been estimated by several budget specialists that the total cost for the first year of this bill will be around $150,000 and over the next five years, it will reach over $1.3 billion.

Andrew Hinkes, a lawyer has said that this crypto business licensing bill has been acquired from the Virtual Currency Business Act (VCBA). One crypto licensing bill was also introduced during a session in the House back in 2019 which was rejected there only.

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About The Author
Vandana Malik

Vandana MalikI have received my Master of Arts degree in English from GEHU, Dehradun. Currently working as a content writer with Agio Support Solutions and earlier worked as a news editor at Business News and Information Services Private Limited. An enthusiastic content writer, aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing my own knowledge as well.

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