Money Transmission; Virtual Currency

Summary

If enacted, this bill would update Alaska's money transmission laws to explicitly include virtual currency (VC), requiring licensure through the Nationwide Multistate Licensing System (NMLS) and setting standards for permissible investments, record retention, and authorized delegates. It would affect money transmitters, VC businesses, and payroll processors, with exemptions for banks, credit unions, and certain other entities. The bill also addresses abandoned virtual currency and authorizes cooperation with other states for regulatory efficiency.