Louisiana governor signs bill allowing financial institutions to custody digital assets

John Bel Edwards, the governor of Louisiana, has signed a bill that will enable financial institutions in the state to custody digital assets like bitcoin (BTC-USD) and ethereum (ETH-USD) for customers, according to a release by The Crypto Times dated Thursday. The partisan bill, which was sponsored by Louisiana State Representative Mark Wright and supported by the Pelican Center for Technology and Innovation, was signed by Edwards on June 21 and it will become effective on August 1. Financial institutions in Louisiana will be able to offer “its customers with virtual currency custody services if the financial institution or trust company has adequate protocols in place to effectively manage risks and comply with applicable laws,” the bill read. The move comes as lawmakers around the globe aim to develop a regulatory framework for digital assets, especially as the industry faces a substantial downturn alongside other riskier assets. Previously, (June 7) Bipartisan crypto bill introduces sweeping framework