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SB 163

COMMERCIAL REGULATIONS: Provides relative to the licensing and regulation of virtual currency businesses. (8/1/26)

2026 Regular Session Introduced by Mike Reese

Louisiana SB 163 creates a state license and oversight regime for virtual currency firms, requiring AML/KYC, security, reporting, and penalties to protect consumers.

Effective date 8/1/2026.
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Bill Summary · SB 163

Summary of SB 163 (2026) – Louisiana

Purpose and Intent

SB 163 establishes a regulatory framework for licensing and overseeing virtual currency businesses operating in Louisiana. The bill aims to create a state-level regime to authorize, supervise, and enforce standards on entities that engage in activities related to digital or virtual currencies, with the goal of consumer protection, financial integrity, and clear regulatory oversight.

Key Provisions and Changes

  • Licensing of Virtual Currency Businesses: The bill requires virtual currency businesses to obtain a state license to operate within Louisiana. It defines the scope of activities that require licensure (e.g., exchange, wallet services, custodial services, and other related activities involving virtual currency).
  • Regulatory Oversight: Licensed entities would be subject to ongoing regulatory supervision by a designated state agency (referred to as the “Commerce” committee/department in the bill’s process). This includes compliance checks and potential examinations.
  • Compliance Requirements:
    • Anti-Money Laundering (AML) and KYC: Firms may be required to implement AML and customer due diligence (Know Your Customer) procedures.
    • Recordkeeping: Entities must maintain records relevant to transactions and customer identities, likely with specified retention periods.
    • Security Standards: There may be cybersecurity and safeguarding of customer assets requirements.
  • Reporting and Transparency: Licensed businesses could be required to file periodic reports with the regulator, including information on financial health, risk controls, and incidents.
  • Fees and Taxation: The bill may establish licensing fees and outline any tax or fee implications associated with operating a virtual currency business in Louisiana.
  • Consumer Protections: Provisions are expected to address consumer complaints, dispute resolution, and clear disclosures to customers about services, risks, and the status of funds.
  • Enforcement and Penalties: The act would specify enforcement powers for the regulator, including sanctions, fines, license suspension or revocation for noncompliance, and potential penalties for violations of license conditions.

Who Would Be Affected

  • Licensed Entities: Firms engaged in virtual currency activities (e.g., exchanges, wallet providers, custodial services, brokers) would need to seek and maintain licensure to operate legally in Louisiana.
  • Consumers: Individuals using virtual currency services would gain enhanced protections through regulatory oversight, disclosure requirements, and complaint mechanisms.
  • Other Financial Service Providers: Businesses interacting with licensed virtual currency firms may be subject to due diligence or reporting expectations as part of the regulatory ecosystem.
  • Regulatory Agencies: State regulatory bodies would oversee licensing, compliance monitoring, and enforcement actions.

Procedural and Timeline Aspects

  • Introduced and Pre-Session Actions: The bill was prefiled and referred provisionally to the Committee on Commerce, Consumer Protection and International Affairs.
  • Committee and Floor Actions:
    • February 25, 2026: Prefiled and provisionally referred to the Committee on Commerce, Consumer Protection and International Affairs.
    • March 11, 2026: Reported favorably by the committee.
    • March 23, 2026: Read by title, passed the House with a unanimous vote (35 Yeas, 0 Nays), and sent to the Senate (motion to reconsider tabled).
    • March 25, 2026: Read by title in the Senate and referred to the Committee on Commerce.
  • Current Status: As of the latest action, the bill is under consideration in the Senate Committee on Commerce following House passage.

Notes

  • Co-sponsor: Mike Reese.
  • The summary reflects available legislative actions and stated purpose to regulate virtual currency businesses within Louisiana’s commerce framework.

If you’d like, I can provide a section-by-section outline once the full text is available, or compare SB 163 to existing Louisiana activities in other financial services regulations.

Compiled from official sources — confirm details with the bill’s official record.

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