The proposed bill establishes a regulatory framework 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, complaints, and suspicious activity. 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 reasonable steps to prevent fraud and money laundering.

Furthermore, the bill introduces penalties for non-compliance, categorizing violations as unfair trade or deceptive acts. It clarifies that municipal regulations providing greater protections are not preempted by this legislation. Key definitions related to virtual currency and kiosk operations are also included, expanding the scope of what constitutes money transmission to encompass virtual currency kiosks. Overall, the bill aims to enhance consumer protection and regulatory oversight in the rapidly evolving landscape of virtual currency transactions.

Statutes affected:
HB0324A, AM HB 324, introduced 02/23/2026: 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