US state. approves crypto custody services

[MARK21]

IF it is not good about, that there is not much information on the subject, it was given that:

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

Last week, Democratic Governor John Bel Edwards signed a bill requiring participating Louisiana financial institutions to “implement effective risk management systems” and adequately secure the crypto assets they hold, whether in a fiat or non-fiat capacity.

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

Source: https://dailyhodl.com/2022/06/24/us-state-passes-legislation-allowing-financial-institutions-to-offer-crypto-custody-services/

[franky1]

washington is not in Louisiana last time i checked.

..
anyways..
before today businesses could be custodial services anyway in many many states.

Louisiana followed the NY bitlicence scheme where businesses had to register as a "money transmitter" to be allowed to operate.

this bill is not ALLOWING custodians to be wild west do as they please(as was the case before 2020). its actually a bill about calling them money service businesses(money transmitter licence) and getting them to follow money transmitter business regulations whether its fiat or crypto, if they wish to start offering such a service.

whats actually changed since 2020 is that now institutional banks can now apply for this 'bitlicence'-esq permit to operate crypto custody/services