The State House of Representatives approved the proposal. However, other organizations must accept this plan before its establishment.
The state of Louisiana, in the United States of America, could be preparing a new bill that would allow companies dedicated to blockchain technology to legally operate in the region. According to a recent report, the law would enable a licensing system that would approve the use of these assets in some companies.
Some press reports recalled that legislators had already submitted the crypto license project in early 2020. At that time, representatives of the state Parliament commented that the main objective of the law is to allow the entry of more investment and boost the turnover that takes shape in Louisiana.
Mark Wright, member of the Louisiana House of Representatives, supports the approval of the bill and ensures that, if they manage to establish this initiative, the Parliament could enable a structure around cryptocurrencies to benefit the region economically.
A few weeks ago, some press reports informed that the bill would have had a first unanimous approval in the Louisiana House of Representatives. However, this fact does not indicate full approval. This action sets out on a path for this initiative to be widely discussed. The State Senate should consider the proposal and, finally, the project reaches the Committee on Trade, Consumer Protection, and International Affairs.
Paradoxically, the United States government has made significant efforts to prevent cryptocurrencies from being used in its territory for illegal purposes such as money laundering or terrorist financing. Therefore, cryptocurrencies have been lagging by American authorities.
This set of previous moves makes business with crypto assets risky for the Louisiana state administration. These boycott policies make most of the cryptocurrency companies install in more permissive countries when it comes to business forms. Among these types of companies, Switzerland or Canada stands out.
Some experts highlight that if the state of Louisiana approves the bill, it could become another state of the group of states that already promote the use of this technology with specific and defined regulations. This fact would allow significant business growth in the region.
Press reports in New York affirmed that city authorities defend the use of this technology with an effective and clear regulation that regulates and controls the use of cryptocurrencies.
In this sense, the state of New York, through its Department of Financial Services (NYDFS), has issued 18 licenses that allow companies in the sector to operate freely. Authorities in New York established the regulation since 2015 and pay special attention to operations with cryptocurrencies carried out from the country to abroad.
Crypto licenses help keep records on the operations of companies doing business in the state. Besides, these licenses help facilitate the protection of the economic and security rights of users. Control of these companies under the state government also provides interest and trust in people who are foreign to cryptocurrencies. This action also helps the company establish and grow.
By María Rodríguez