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Compliance and Regulatory Alerts  |  06-30-23

Legislative Alert: Louisiana Enacts New Virtual Currency Act; North Dakota Adopts Money Transmission Modernization Act

Legislative Alert: Louisiana Enacts New Virtual Currency Act; North Dakota Adopts Money Transmission Modernization Act

Louisiana Enacts Virtual Currency Act

The governor of Louisiana recently signed SB 185 (the “Act”) pertaining to the regulation and licensing of virtual currency businesses. The amended legislation covers the authority, functions, and duties of the office of financial institutions, provides definitions, specifies applicability, sets licensure requirements, allows for reciprocity of licensure, establishes qualifications, procedures for issuing, denying, and renewing licenses, enforces regulations, sets penalties for violations, defines administrative rules, terms, conditions, and procedures, requires reporting, ensures effectiveness, and covers related matters.

The legislation went into effect on June 13, 2023. 

Read the full text of the Act here.

North Dakota Adopts MTMA

In March 2023, the North Dakota governor signed SB 2119 to enact the Money Transmission Modernization Act (the "MTMA"). Provisions under the Act are intended to (i) reduce regulatory burden by promoting coordination among the states in areas of regulation, licensing, and supervision; (ii) protect the public from financial crime; (iii) standardize activities that are subject to, or otherwise exempt from, licensure; and (iv) modernize safety and soundness requirements to protect customer funds while supporting innovative and competitive business practices.

This chapter goes into effect August 1, 2023. For current licensees, the effective date is upon license renewal, but no later than December 21, 2023.

Read the full text of the MTMA here.

How Bates Helps

Reach out to Bates Group for compliance and licensing support. Our MSB and FinTech Team offers customized solutions to meet your compliance, licensing, training, and banking needs. From traditional banks to crypto startups, our experienced professionals can help guide your business through license acquisition maintenance, and renewal.

Contact Bates Today to Learn More