Alaska Tries Again to Regulate Bitcoin Business

News | March 20, 2017 By:

An Alaskan lawmaker has introduced a new bill to regulate virtual currency firms, according to reports.

State representative Kito Fansler introduced the bill, which would potentially bring bitcoin companies under the state’s money transmission laws. That would require licensing with the state Banking and Securities Commission. The new bill follows a similar effort last year to account for virtual currencies. That bill died in committee.

The new Alaska State House Bill No. 180 defines virtual currency as any “digital representation of value that does not have legal tender status in the United States but can be digitally traded and functions as a medium of exchange, a unit of account, a store of value; or is incorporated into payment system technology.” The proposed law would cover centralized and decentralized transmissions.

Various states have tried to enact laws on bitcoin and other digital currencies. Intents of those proposed bills have ranged from licensing to exemption from current money transmission laws.