Louisiana Revised Statutes 6:1386.2 – A. To the extent a licensee stores, holds, or maintains custody or control of virtual currency on behalf of a resident, the licensee shall hold virtual currency of the same type and
Terms Used In Louisiana Revised Statutes 6:1386.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Control: when used in the context described, means the following:
(a) When used in reference to a transaction or relationship involving virtual currency, power to execute unilaterally or prevent indefinitely a virtual currency transaction. See Louisiana Revised Statutes 6:1382
- Licensee: means a person licensed pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
- Resident: means any of the following:
(i) A person who is domiciled in this state. See Louisiana Revised Statutes 6:1382
- Transfer: means to assume control of virtual currency from, or on behalf of, a resident and do any of the following:
(a) Credit the virtual currency to the account of another person. See Louisiana Revised Statutes 6:1382
- Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
A. To the extent a licensee stores, holds, or maintains custody or control of virtual currency on behalf of a resident, the licensee shall hold virtual currency of the same type and amount as that which is owed or obligated to the resident.
B. A licensee is prohibited from selling, transferring, assigning, lending, hypothecating, pledging, or otherwise using or encumbering assets, including virtual currency, stored, held, or maintained by or under the custody or control of such licensee on behalf of a resident, except for the sale, transfer, or assignment of such assets at the direction of the resident.
C. A licensee is prohibited from commingling assets belonging to a resident with assets belonging to a licensee, using the resident’s assets to secure or guarantee a transaction other than a transaction involving, or on behalf of, the resident’s contributing assets, maintaining the resident’s assets in such a manner that the resident may be unable to fully withdraw his assets, and investing in such a manner that would not allow for sufficient assets, including virtual currency, to fulfill all outstanding obligations to the resident.
D. In order to ensure compliance with the requirements of Subsection C of this Section, a licensee may include the amount of his assets in the same account with a resident’s assets solely for the purpose of facilitating, selling, transferring, assigning, lending, hypothecating, pledging, or using or encumbering assets, including virtual currency, stored, held, maintained by, or under the custody or control of such licensee on behalf of a resident, and operational needs related to such virtual currency business activities, provided that the assets of the licensee shall be deemed resident assets, and the licensee may only withdraw or assert a claim on that amount to the extent that amount exceeds that amount of resident assets held by or for a resident.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.