US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

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The US state of Louisiana is allowing financial institutions and trust companies to provide custody services for cryptos.

Last week, Democratic Governor John Bel Edwards signed a bill mandating participating Louisiana financial institutions must “implement effective risk management systems” and adequately insure the crypto assets they custody, whether in a fiduciary or non-fiduciary capacity.

The bill, which becomes effective on August 1st, passed unanimously in both chambers of the state’s legislature before signing.

Louisiana isn’t the first state to enact a crypto-related policy. In March, Washington state passed a bill to establish a new work group tasked with exploring the possible uses of and policies for blockchain technology across a wide range of industries and public sectors.

We are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.”

In mid-February, Colorado became the first US state to accept crypto assets for payment of taxes. Texas also created a working group to oversee the nascent sector’s expansion last September.

Back in early 2019, Wyoming became the first state in the nation to recognize property rights for cryptocurrency owners.

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