Digital asset miners would face money services licensing rules

The proposed text treats home digital asset mining and digital asset mining businesses as money transmission under Arkansas's money services law. This applies to people mining digital assets at home and businesses operating digital asset mines under the Arkansas Data Centers Act of 2023. The activity must be home digital asset mining or a digital asset mining business covered by the Arkansas Data Centers Act of 2023.

A person already engaged in covered mining on the act's effective date must apply for a money services license. This applies to covered digital asset miners who are active when the proposed act takes effect. The person must be engaged in home digital asset mining or operate a digital asset mining business under the Arkansas Data Centers Act of 2023 on the act's effective date. The application must be filed on or before September 1, 2026.