Archive: July 7, 2022

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Louisiana Proposes Administrative Rules for Virtual Currency Businesses

Louisiana Proposes Administrative Rules for Virtual Currency Businesses

By Jeremy M. McLaughlin and Christian A. Zazzali

The Louisiana Office for Financial Institutions (“OFI”) has proposed administrative rules governing the licensing process for virtual currency businesses. Louisiana’s Virtual Currency Business Act (the “Act”) became effective in August 2020 and granted OFI broad supervisory and enforcement powers.  The Act also required OFI to promulgate rules regarding licensing.  Roughly two years later, OFI has done so. Those wishing to submit written comments on the proposed rules may do so through 5:00 pm on July 10, 2022.  It’s expected the rules will be adopted later this year.

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