Louisiana has implemented the Virtual Currency Act, which was recently signed into law by the governor. The Act focuses on regulating and licensing virtual currency businesses and introduces amendments to existing legislation. It outlines the responsibilities and powers of the office of financial institutions, provides definitions, specifies the scope of application, sets requirements for obtaining licenses, allows for reciprocity of licensure, establishes qualifications, outlines procedures for issuing, denying, and renewing licenses, enforces regulations, imposes penalties for violations, defines administrative rules, terms, conditions, and procedures, mandates reporting, ensures effectiveness, and covers related matters.
This legislation became effective on June 13, 2023.
Read the full text here.
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North Dakota has officially embraced the Money Transmission Modernization Act (MTMA) by signing SB 2119 into law in March 2023. The Act aims to achieve several objectives: (i) easing regulatory burdens by promoting cooperation among states in the areas of regulation, licensing, and supervision; (ii) safeguarding the public against financial crimes; (iii) standardizing licensure requirements for certain activities; and (iv) modernizing safety and security standards to ensure the protection of customer funds while encouraging innovative and competitive business practices.
The provisions of this chapter will come into effect on August 1, 2023. For existing licensees, the effective date will be determined upon license renewal, but no later than December 21, 2023.
To read the complete text of the MTMA, please follow this link.
