Alaska legislation · 34th Legislature
Alaska SB86: MONEY TRANSMISSION; VIRTUAL CURRENCY
Status: Chaptered, July 2, 2026
An Act relating to the business of money transmission; relating to licenses for money transmission, licensure requirements, and registration through a nationwide multistate licensing system; relating to the use of virtual currency for money transmission; relating to authorized delegates of a licensee; relating to acquisition of control of a license; relating to record retention and reporting requirements; authorizing the Department of Commerce, Community, and Economic Development to cooperate with other states in the regulation of money transmission; relating to permissible investments; relating to violations and enforcement of money transmission laws; relating to exemptions to money transmission licensure requirements; relating to payroll processing services; relating to currency exchange licenses; relating to abandoned virtual currency; amending Rules 79 and 82, Alaska Rules of Civil Procedure; and providing for an effective date.
What the bill says
A bill, note, bond, or debenture bearing an eligible rating; (D) United States tri-party repurchase agreements collateralized at 100 percent or more by federal government or agency securities, municipal bonds, or other securities bearing an eligible rating; (E) money market mutual funds rated equal to or higher than Aand less than AAA by an eligible rating service; and (F) a mutual fund or other investment fund composed solely and exclusively of one or more permissible investments listed in (a)(1) - (3) of this section; (3) cash held in accounts for the benefit of the licensee's customers at f.
From the introduced text:
a bill, note, bond, or debenture bearing an eligible rating; (D) United States tri-party repurchase agreements collateralized at 100 percent or more by federal government or agency securities, municipal bonds, or other securities bearing an eligible rating; (E) money market mutual funds rated equal to or higher than Aand less than AAA by an eligible rating service; and (F) a mutual fund or other investment fund composed solely and exclusively of one or more permissible investments listed in (a)(1) - (3) of this section; (3) cash held in accounts for the benefit of the licensee's customers at foreign depository financial institutions, not to exceed 10 percent of the aggregate value of the licensee's total permissible investments, if the licensee has received a satisfactory rating in the licensee's most recent examination and the foreign depository financial institution (A) has an eligible rating; (B) is registered under 26 U.S.C. 1471 - 1474 (Foreign Account Tax Compliance Act); (C) is not located in any country subject to sanctions from the United States Department of the Treasury, Office of Foreign Assets Control; and (D) is not located in a high-risk or noncooperative jurisdiction as designated by the Financial Action Task Force; and (4) virtual currency is a permissible investment only for outstanding money transmission obligations of virtual currency. * Sec. 29. AS 06.55 is …