Effective January 1, 2023, the term “virtual currency” will take its place in Alaska’s money transfer regulations. This will require businesses that deal in digital currencies to obtain a money transfer license in the state.
As reported by the Cooley Law Firm on December 19. The State of Alaska has amended its money transfer regulations to include the definition of “virtual currency”. According to the local administrative code amendment, passed by the Division of Banking and Securities (DBS), virtual currency is:
“A digital representation of value used as a medium of exchange, unit of account, or store of value. And it is not money, whether denominated in money or not. The most obvious effect of this change, which will come into force on January 1, is the obligation to file an application for authorization for any person who carries out a money transfer activity in virtual currency”.