The proposed bill seeks to modernize Alaska's money transmission laws by updating licensure requirements and incorporating regulations for virtual currency transactions. It introduces new licensing provisions for virtual currency businesses, aligning them with traditional money transmission activities. Key changes include clearer guidelines for the application process, comprehensive consumer disclosures regarding fees and liabilities, and enhanced record-keeping requirements. The bill also mandates that licensees maintain sufficient assets to meet customer entitlements and outlines the responsibilities of authorized delegates, ensuring compliance with state and federal laws.

Additionally, the bill amends existing laws to strengthen regulatory oversight and consumer protection in the money transmission industry. It extends record-keeping requirements from three to five years, clarifies notification procedures for changes in control, and introduces civil penalties for violations. The legislation also establishes a new fee structure based on transaction volume and modernizes definitions related to money transmission and virtual currency. With an effective date of January 1, 2026, the bill aims to create a consistent and secure framework for money transmission activities in Alaska while ensuring the protection of consumers and promoting a stable financial environment.

Statutes affected:
SB0086A, AM SB 86, introduced 02/05/2025: 06.55.101, 06.55.802, 06.55.102, 06.55.505, 06.55.105, 06.55.109, 06.55.106, 06.55.155, 06.55.160, 06.55.165, 06.55.403, 06.55.170, 06.55.150, U.S.C, 45.56.100, 45.56.995, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, 06.55.407, 06.55.404, 06.55.412, 06.55.501, 06.55.510, 06.55.405, 06.55.406, 40.25.100, 40.25.295, 06.55.410, 06.55.411, 06.55.502, 06.55.503, 06.55.601, 06.55.602, 06.55.603, 06.55.605, 06.55.606, 06.55.607, 06.55.201, 06.55.701, 06.55.702, 06.55.810, 06.55.830, C.F.R, 06.55.840, 06.55.850, 06.55.990, 06.55.995, 12.62.400, 06.55.103, 06.55.104, 06.55.107, 06.55.202, 06.55.203, 06.55.204, 06.55.402, 06.55.820, 06.55.890