AK SB84

Modernizes Alaska's money transmission laws by replacing outdated statutes with comprehensive new requirements for licensure, operations, and virtual currency business activities

Establishes multistate licensing coordination through nationwide systems and registries, allowing Alaska to align with other states on money transmission regulation and reduce regulatory burden

Adds detailed provisions for virtual currency business activities including requirements for disclosures to customers, property interest protections, and transaction record retention for five years

Requires money transmission licensees to maintain permissible investments, surety bonds up to $1,000,000, and tangible net worth based on asset percentages; authorizes the department to oversee acquisitions of control and changes in key individuals

Takes effect January 1, 2025, with transition provisions allowing existing money services licensees to continue operating under current licenses until renewal or July 1, 2025, whichever is later