An Act relating to the business of money transmission; relating to licenses for money transmission, licensure requirements, and registration through a nationwide multistate licensing system; relating to the use of virtual currency for money transmission; relating to authorized delegates of a licensee; relating to acquisition of control of a license; relating to record retention and reporting requirements; authorizing the Department of Commerce, Community, and Economic Development to cooperate with other states in the regulation of money transmission; relating to permissible investments; relating to violations and enforcement of money transmission laws; relating to exemptions to money transmission licensure requirements; relating to payroll processing services; relating to currency exchange licenses; relating to abandoned virtual currency; amending Rules 79 and 82, Alaska Rules of Civil Procedure; and providing for an effective date.
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill updates Alaska’s regulations for money transmission businesses and addresses the growing use of virtual currency. It aims to modernize licensing requirements, establish a nationwide multistate licensing system, clarify rules for virtual currency transactions, and improve record-keeping and reporting. The bill also allows for cooperation between Alaska and other states in regulating money transmission and establishes exemptions for certain activities.
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