The proposed bill establishes regulations for virtual currency kiosks in Alaska, requiring operators to obtain a money transmission license and register with the state before conducting transactions. It mandates that operators submit quarterly and annual reports detailing their operations, including transaction data, user complaints, and suspicious activity reports. The bill also outlines specific disclosure requirements for operators, including warnings about potential fraud and the risks associated with virtual currency. Additionally, it sets forth guidelines for user identification, transaction limits, and customer service provisions, ensuring that operators take steps to prevent fraud and money laundering.

Furthermore, the bill introduces penalties for non-compliance, including civil penalties and potential seizure of kiosks for operating without a license. It clarifies that municipal regulations providing greater protections are not preempted by state law. The bill also amends existing definitions related to money transmission to include operating a virtual currency kiosk, thereby expanding the scope of regulatory oversight. Overall, the legislation aims to enhance consumer protection and ensure accountability within the virtual currency kiosk industry.

Statutes affected:
SB0249A, AM SB 249, introduced 02/18/2026: 40.25.110, 40.25.140, 06.55.130, 06.55.160, 06.55.830, 06.55.135, U.S.C, 06.55.140, 06.55.145, 06.55.150, 06.55.155, 06.55.165, 06.55.170, 06.55.172, 06.55.175, 06.55.180, 06.55.185, 06.55.120, 06.55.195, 45.50.471, 06.55.605, 06.55.190, 06.55.840, 06.55.990