Alaska money transmitters would follow licensing and virtual-currency rules

Money transmitters would need a state license, qualify for an exemption, or operate as an authorized delegate of a licensee. The rules cover businesses that transmit money, issue payment instruments or stored value, or conduct defined virtual-currency activities in or involving Alaska. Applicants would submit organizational, financial, background, and other required information, fees, and security. Licensees would meet ongoing financial, reporting, recordkeeping, examination, bonding, and net-worth requirements. The department could use a nationwide licensing registry and coordinate with other state and federal regulators. The department could suspend or revoke licenses, impose civil penalties of up to $10,000 per day, and seek investigation costs and attorney fees; the attorney-fee provision depends on the required two-thirds vote of each legislative house. These licensing provisions would take effect July 1, 2027. A person holding a valid money-services license or approval on June 30, 2027, could continue operating until the earlier renewal transition is completed or the transition period ends, as specified in the text.

A virtual-currency business would need a license or qualifying exemption and would have to give customers specified information before transactions and confirmation records afterward. The rules cover businesses that exchange, transfer, store, or administer virtual currency, with exceptions for activities such as personal use, certain technology services, small annual volumes, and other listed services. Disclosures would cover fees, insurance or loss protection, transfer reversals, error rights, receipts, fee changes, and the risks and value changes of virtual currency. Licensees would maintain enough of each type of virtual currency to cover customer entitlements and keep detailed records for five years. Some businesses and activities would be exempt, including certain connectivity, storage, personal, academic, escrow, intermediary, and low-volume activities. The department could determine additional exemptions based on the facts of a person or group. These provisions would take effect July 1, 2027, subject to the transition rules for existing licenses and obligations.

A holder of virtual currency would report and deliver qualifying abandoned virtual currency to the state administrator in its native form when required. Virtual currency would be presumed abandoned five years after the later of a returned communication to the owner or the owner's last act of ownership, unless the owner communicates with the holder during that period. Acts of ownership include transactions, account access, and other actions showing that the owner knows the property exists. Reports would identify the type, amount, dollar value, and whether the holder controls the private keys. If delivery is not possible or practical, the holder or administrator could retain or postpone delivery under the stated conditions. Owners and other states could file claims for virtual currency held during a delivery postponement. The five-year period runs from the later qualifying communication or act of ownership. The abandoned-property provisions would take effect July 1, 2027.