Bill > SB86

This bill modernizes Alaska's money transmission laws to better regulate the financial services industry, particularly with the rise of virtual currency. It updates licensing requirements, including the use of a nationwide multistate licensing system, and clarifies rules for authorized delegates, who act on behalf of licensed money transmitters. The bill specifically addresses virtual currency by defining virtual currency business activity and outlining disclosure requirements, property rights, and record-keeping for companies involved with it. It also enhances the Department of Commerce, Community, and Economic Development's ability to cooperate with other states on regulation and supervision, modernizes safety and soundness requirements, and clarifies rules around permissible investments, which are assets that licensed companies must hold to cover their obligations. Additionally, the bill addresses abandoned virtual currency, sets new standards for record retention, and outlines penalties for violations, while also providing exemptions for certain entities and activities.