This 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 annual reports detailing fraud complaints, refunds, and interactions with law enforcement, particularly focusing on incidents involving senior citizens. The bill also outlines specific disclosures that must be made to users before transactions, including warnings about scams and the irreversible nature of virtual currency transactions. Additionally, it sets transaction limits based on the user's age and requires operators to implement anti-fraud measures, including customer service support and identity verification protocols.

Furthermore, the bill introduces penalties for violations of these regulations, allowing for civil penalties of up to $10,000 per day for non-compliance. It clarifies the definition of money transmission to include operating a virtual currency kiosk and specifies that refunds for fraudulent transactions must be issued under certain conditions. The effective date for these regulations is set for July 1, 2026.

Statutes affected:
HB0354A, AM HB 354, introduced 02/23/2026: 06.55.830, 06.55.135, 06.55.140, 06.55.145, 06.55.150, 06.55.155, 06.55.160, 06.55.605, 06.55.120, 06.55.165, 06.55.840, 06.55.990