Louisiana Revised Statutes Tit. 6, § 1402. Provision of virtual currency custody services

(1) Implement effective risk management systems and controls to measure, monitor, and control relevant risks associated with custody of digital assets such as virtual currency.

(2) Confirm that it has adequate insurance coverage for such services.

(3) Maintain a service provider oversight program to address risks to service provider relationships as a result of engaging in virtual currency custody services.

B. (1) Consistent with authority provided through the entity's charter, a financial institution or trust company may provide virtual currency custody services in either a nonfiduciary or fiduciary capacity.

(2) In providing such services in a nonfiduciary capacity, the financial institution or trust company shall take possession of the customer's asset for safekeeping while legal title remains with the customer. The customer shall retain direct control over the keys associated with his virtual currency.

(3) In providing such services in a fiduciary capacity, a financial institution or trust company is required to possess trust powers as provided for in R.S. 6:241, 575, and 731. Acting in a fiduciary capacity, the financial institution or trust company shall require customers to transfer their virtual currencies to the control of the financial institution or trust company by creating new private keys to be held by the financial institution or trust company. In its fiduciary capacity, a financial institution or trust company shall have authority to manage virtual currency assets as it would any other type of asset held in such capacity.