Bill > SB249

This bill establishes regulations for virtual currency kiosks, requiring operators to obtain a money transmission license and register with the state, and mandates detailed quarterly and annual reporting on transactions, user complaints, and suspicious activities, with data collected being confidential but summarized in an annual public report. It also mandates clear disclosures to users about transaction charges, exchange rates, and the risks associated with virtual currency, including prominent warnings about potential scams and the fact that virtual currency is not government-backed or federally insured. Furthermore, operators must implement fraud and anti-money laundering policies, utilize blockchain analytics to detect illicit activity, post warnings about potential criminal exploitation, verify user identities with government-issued identification, and provide staff training on identifying fraud victims. The bill sets daily and monthly transaction limits for users, caps transaction fees at two percent, requires live customer service during specified hours, and establishes a dedicated communication line for law enforcement. Violations are considered unfair trade practices, and non-compliant operators may face penalties, including seizure of kiosks and forfeiture of fees, while also clarifying that municipal ordinances offering greater protections are not preempted.

Business and Industry, Justice

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB249