The bill amends the Arkansas Data Centers Act of 2023 and the Uniform Money Services Act by repealing the previous exemption for individuals engaged in home digital asset mining or operating a digital asset mining business, which stated that they would not be considered money transmitters under the Uniform Money Services Act. This repeal is significant as it removes the legal protection that allowed these activities to operate without the same regulatory oversight as traditional money transmission services.

Additionally, the bill introduces new provisions that require individuals involved in home digital asset mining or operating a digital asset mining business to apply for licensure under the Uniform Money Services Act by September 1, 2026. The definition of "money transmission" is also expanded to include these activities, thereby bringing them under the regulatory framework of the Uniform Money Services Act. This change aims to ensure that digital asset mining operations are subject to the same regulatory standards as other financial services, enhancing oversight and consumer protection in the digital asset space.

Statutes affected:
SB 11: 14-1-604(e), 23-55-102(13)