Money Transmission; Virtual Currency

Summary

If enacted, this bill would update Alaska's money transmission laws to include provisions for virtual currency, establish new licensing requirements through a nationwide multistate licensing system, and set rules for authorized delegates, permissible investments, and abandoned virtual currency. It would affect businesses engaged in money transmission, including those dealing in virtual currency, with exemptions for certain payroll services and currency exchanges. The bill also amends Alaska Rules of Civil Procedure regarding these matters.