[2017-03-18] Alaska Introduces A Bill to Regulate and License Bitcoin Businesses

[Kemarit]

Alaska Introduces A Bill to Regulate and License Bitcoin Businesses

The State of Alaska has introduced a bill this week defining digital currency, as well as broadening its definition of money transmission to include it. A wide array of business functions would require money transmission licenses, including buying and selling through a third party, transmitting, controlling, and issuing digital currencies.

Alaska Introduces A Bill to License Bitcoin BusinessesIntroduced by representatives Zach Fansler and Sam Kito III, Alaska State House Bill No. 180 outlines a large number of amendments to the state’s existing money transmission laws which were enforced on July 1, 2008.

Currently, the Alaskan statutes declare that a person wanting to engage in the business of money transmission in any way, including advertising and soliciting for this service, must hold a money transmission license or become an authorized delegate of a person who holds a money transmission license.

Full Read Here: https://news.bitcoin.com/alaska-bill-license-bitcoin-businesses/

[LittleBitFunny]

Hopefully this doesn't spread to most US states.  Bitcoin should ideally be accessible to everyone without them having to think about it too much.

But then again maybe it's a good thing if some groups start to regard Bitcoin as a form of money, because it does give Bitcoin a lot of legitimacy.

[Rude Boy]

House Bill 180 , introduced by state representative Kito Fansler, will potentially bring companies that exchange, store or transmit digital currencies like bitcoin on behalf of a customer under the state’s money transmission laws. If approved, relevant companies would need to apply for licensure with the state’s Banking and Securities Commission.

The proposed legislation includes an expanded definition of "virtual currency", including both decentralized and centralized varieties, and covering "open-source, math-based, peer-to-peer- virtual currency" in particular.

Notably, the bill is a follow-up to a previous effort to change state law to account for digital currencies. HB271 , which contained much of the same language, failed in committee, months after being introduced in late January 2016.

The latest bill highlights the twin directions that lawmakers in different states have taken on the question of regulating digital currencies.
One the one side, led by states such as New York , licensure frameworks have emerged that include the technology under existing or updated statutes. In places like New Hampshire , by comparison, state officials have sought to create exemptions for digital currency traders.

[Carlton Banks]

When will these self-important wastes of money, space and oxygen learn: Bitcoin gives zero fucks, so they may as well stick the "bill" up in the same place they pay their "hired help" to put their tapered anal beads