Crypto Businesses in Louisiana Have Fresh Hope as the Government Considers Offering Licenses

jakammo

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May 27, 2020
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The BitLicense in Louisiana may be a success story sooner than later.

On May 25, it was reported that Louisiana is strongly considering giving crypto businesses a go-ahead in running their affairs. The move started this year and may soon be realized.

Mark Weight is the brain behind the new move. If the state accepts it, crypto businesses will have a new framework to lean on while doing their work.

The first time the new bill was read, everyone in the House of Reps agreed to it. Notwithstanding, there may still be some challenges as the bill still has to pass through the State Senate, the Committee of Commerce, Consumer Protection and International Affairs in that order.

It is not easy to make crypto business thrive in the US because the country had earlier kicked against it. That is why some owners fled to other countries that are more crypto friendly. Some settled in Malta, some in Canada and others went to Switzerland.

If Louisiana succeeds in convincing these other legislative arms on why crypto business should be allowed in the state, it will be required to clearly spell out regulations they must work with. Just like New York, they will begin to issue BitLicenses to companies that are ready to comply.