Money Transmission; Virtual Currency

Summary

This Alaska law updates regulations for money transmission businesses, including licensing requirements, use of virtual currency, authorized delegates, and record-keeping standards. It grants the Department of Commerce, Community, and Economic Development authority to cooperate with other states on money transmission regulation and establishes exemptions from licensure requirements for certain services like payroll processing. The law also addresses currency exchange licenses, permissible investments, and enforcement mechanisms for violations, while amending civil procedure rules related to these regulations.