HB324

What it does

• Requires kiosk operators to hold a money transmission license before doing business.
• Mandates that operators register with and get approval from the department before placing kiosks in Alaska.
• Orders a 48-hour wait on the first transaction for any user who has not previously used that operator's services.
• Requires quarterly reports listing names, addresses, virtual currency addresses, and declined transactions due to suspicion of illicit activity.
• Demands annual reports including gross revenue, complaints filed with outside agencies, refund details, and suspicious transaction report counts.
• Orders operators to display clear warnings that the technology can be used for fraud and that users should stop if contacted by strangers claiming to be friends or officials.
• Requires disclosures stating virtual currency is not backed by the U.S. government, is not legal tender, lacks federal insurance protections, and has fluctuating value.
• Mandates paper and electronic receipts listing fees, exchange rates, transaction details, fraud reporting contacts, and refund policies.