From one license to another – The State of Alaska is evolving its regulations on fund transfers, to better take into account and regulate digital currencies. In this sense, it also creates new obligations for crypto companies.
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Cryptocurrencies in the Alaska Administrative Code
The State of Alaska Division of Banking and Securities (DBS) passed the local administrative code amendment, which includes the definition of “virtual currency” in its monetary transaction regulations.
Virtual currency is defined there as:
“A digital representation of value that is used as a medium of exchange, unit of account, or store of value; and which is not money, whether or not denominated in money”.
This Alaskan rule change will take effect from 1er January 2023. In this context, companies whose fund transfer activities involve the use of virtual currencies must get a license of money transmission, to be able to operate legally in the State.
Crypto platforms were already subject to this obligation to have a license, the Limited Licensing Agreement (LLA). However, this regulatory authorization from the DBS explicitly excluded the notion of digital currency. With these regulatory changes, these LLAs will be obsolete from January 1.
At the state level, American regulators are thus adapting to innovations in the financial and monetary field. At the federal level, some politicians, such as Senator Sherrod Brown, prefer ban cryptocurrencies in the country.
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