Bill > SB86

This bill modernizes Alaska's money transmission laws to update licensing requirements, incorporate virtual currency regulations, and enhance oversight of money transmission businesses. The bill creates a comprehensive framework for licensing and regulating money transmission activities, with a particular focus on emerging technologies like virtual currency. Key provisions include establishing new application and renewal processes for money transmission licenses, creating detailed requirements for virtual currency businesses, mandating specific disclosure and consumer protection measures, and defining various terms related to money transmission. The bill requires licensees to maintain financial safeguards like permissible investments and surety bonds, provides the Department of Commerce, Community, and Economic Development with broader regulatory authority, and establishes requirements for reporting, record-keeping, and maintaining financial stability. The legislation also introduces more precise definitions for terms like "money transmission," "virtual currency," and "authorized delegate," and creates a framework for interstate cooperation in licensing and supervision. The bill is set to take effect on July 1, 2026, giving businesses and regulators time to prepare for the new regulatory landscape.

Budget and Finance, Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB86