SB 249: An Act relating to virtual currency kiosks; relating to transactions involving virtual currency; relating to unfair trade or deceptive acts or practices; and providing for an effective date. - Alaska

Enrolled SB 249 → SB 249 · 9 edits

MAJOR

The amended version of SB 249 makes several substantive policy changes to the virtual currency kiosk regulation framework. Most notably, it reduces the maximum transaction fee from 10 percent to 3 percent, adds a 72-hour deadline for issuing fraud refunds, and redefines 'virtual currency kiosk' to include persons acting on behalf of operators rather than just electronic terminals. The bill also removes numerous definitions related to virtual currency business activity and simplifies the money transmission definition.

REQUIREMENT

The maximum transaction fee cap was reduced from 10 percent to 3 percent of the transaction value in Sec. 06.55.172, significantly limiting how much kiosk operators can charge users.

A new subsection (b) was added to Sec. 06.55.160 requiring virtual currency kiosk operators to issue a full refund within 72 hours after receiving a police report, department report, or sworn statement confirming fraud.

DEFINITION

The definition of 'virtual currency kiosk' was changed from 'an electronic terminal that enables the virtual currency kiosk operator to facilitate a virtual currency exchange' to 'a person acting on the behalf of, or a mechanical agent of, the virtual currency kiosk operator to enable the virtual currency kiosk operator to facilitate the exchange of virtual currency for money, bank credit, or other virtual currency.' This broadens what qualifies as a kiosk to include human intermediaries.

The definition of 'user' was expanded from 'a person that initiates, authorizes, or completes a transaction' to 'an individual or entity that initiates, authorizes, or completes a transaction,' explicitly including entities (such as businesses) as covered users.

A new simplified definition of 'virtual currency' was added: 'an electronic asset that confers economic, proprietary, or access rights or powers and is recorded using cryptographically secured distributed ledger technology, or any similar analogue.' This replaces the more complex prior definition that included exclusions for rewards programs and game currencies.

Multiple definitions were removed from the bill, including 'control of virtual currency,' 'in this state,' 'virtual currency administration,' 'virtual currency business activity,' 'virtual currency control services vendor,' 'virtual currency exchange,' and 'virtual currency transfer.'

The money transmission definition in AS 06.55.990(15) was simplified, removing the specific geographic language ('to the state, from the state, or within the state') and consolidating the first two sub-parts into a single clause.

The definition of 'virtual currency kiosk transaction' now includes the phrase 'by electronic means,' narrowing it to electronically conducted transactions rather than any transaction performed through a kiosk.

TIMELINE

The effective date provision (October 1, 2026) was removed from the bill.

CSSB 249(JUD) am → Enrolled SB 249 · 3 edits · Jul 16, 2026

MINOR

The bill was finalized and formatted for official enactment, removing committee-specific headers and sponsor lists. Substantive policy changes include the addition of a mandatory scam warning to kiosk interfaces and the removal of a specific requirement to report the number of denied refund requests in quarterly filings.

Scope change

The bill's scope remains focused on regulating virtual currency kiosks in Alaska, requiring operators to hold money transmission licenses and register with the state department.

REQUIREMENT

Added a specific warning message to kiosk screens instructing users to stop transactions and contact law enforcement if they suspect a scam.

Removed the requirement for operators to report the total number of refund requests that were denied by the operator in their quarterly reports.

TECHNICAL

Converted the document from a committee amendment draft to the official enrolled version for signing into law.

CSSB 249(JUD) → CSSB 249(JUD) am · 3 edits

MINOR

The bill was amended to reflect its progression through the legislative process, specifically marking it as amended by the Senate Judiciary Committee on May 12, 2026. The text updates the bill identifier from 'SB 249(JUD)' to 'SB 249(JUD) am' and adds Representatives to the list of sponsors, indicating the bill has moved from the Senate to the House of Representatives for further consideration.

TECHNICAL

Updated the bill header to indicate amendments and added the date of amendment (5/12/26).

Added Representatives to the list of bill sponsors, signifying the bill's transition to the House of Representatives.

Changed the bill reference number from 'SB0249C' to 'SB0249D' to track the version history.

CSSB 249(L&C) → CSSB 249(JUD) · 3 edits

MINOR

The bill was transferred from the Senate Labor and Commerce Committee to the Senate Judiciary Committee, indicating a shift in focus from commercial regulation to legal and constitutional oversight. The committee referral date was updated from March 18 to April 27, and the bill was re-referred to the Rules Committee. The text of the bill itself appears unchanged in this specific diff, as the modifications are limited to administrative headers and committee assignments.

Scope change

The bill's substantive scope regarding virtual currency kiosks remains unchanged; however, its legislative path has shifted to the Judiciary Committee, suggesting the bill will now be evaluated for legal implications rather than just commercial impact.

TIMELINE

The bill's offer date was changed from March 18, 2026, to April 27, 2026.

The committee referral status was updated from 'Judiciary' to 'Rules', indicating a procedural step in the legislative process.

ELIGIBILITY

The committee responsible for reviewing the bill changed from the Senate Labor and Commerce Committee to the Senate Judiciary Committee.

SB 249 → CSSB 249(L&C) · 3 edits

MINOR

The bill was amended to reflect its official adoption by the Senate Labor and Commerce Committee, changing the document title from the original Senate Bill to the Committee Substitute version. The substantive policy content regarding virtual currency kiosk licensing, reporting requirements, and operational rules remains unchanged.

Scope change

The bill's scope and applicability to virtual currency kiosks remain the same; only the procedural status of the bill has changed.

TECHNICAL

The bill header was updated to indicate it is now a Committee Substitute (CSSB) rather than the original introduction, and the sponsor list was reorganized to show committee sponsorship.

The introduction date was changed from February 18 to March 18, 2026, reflecting the timeline of the committee's review.

The referral status was updated to show the bill was referred to the Judiciary committee instead of Labor & Commerce, indicating the next legislative step.

An Act relating to virtual currency kiosks; relating to transactions involving virtual currency; relating to unfair trade or deceptive acts or practices; and providing for an effective date.

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