From Jan. 1, 2023, the term \u201cvirtual currency\u201d will take its place in the money transmission regulations of Alaska. It will oblige the companies dealing with digital currencies to obtain a money transmission license in the state.\u00a0<\/p>\n
As reported by the law firm Cooley on Dec. 19, the state of Alaska amended its money transmission regulations to include the definition of \u201cvirtual currency.\u201d According to the amendment to the local Administrative Code, adopted by the Division of Banking and Securities (DBS), virtual currency is:<\/p>\n
\u201c[A] digital representation of value that is used as a medium of exchange, unit of account, or store of value; and is not money, whether or not denominated in money.\u201d<\/p><\/blockquote>\n
The most obvious impact of this change, which will come into force on Jan. 1, is the requirement to submit a licensing application for \u201ca person engaging in money transmission activity involving virtual currency.\u201d\u00a0<\/p>\n
According to other parts of the amendment, \u201cvirtual currency\u201d will also be included in the \u201cpermissible investments\u201d and the definition of \u201cmonetary value.\u201d However, as the Cooley analysis notes, affinity and rewards programs, as well as online-gaming digital tokens still stay out of the \u201cvirtual currency\u201d category. <\/p>\n
Related:\u00a0<\/em><\/strong>4 legislative predictions for crypto in 2023<\/em><\/strong><\/p>\nPlatforms dealing with crypto have, in fact, had to obtain the Alaska money transmission license even before the amendment. But the previous type of their Limited Licensing Agreement (LLA) with DBS explicitly excluded the notion of digital currency. Hence, these LLAs will be outdated from Jan. 1. <\/p>\n
Alaska remains one of nine states that are still offering 0% capital tax gains to investors. The others are Washington, Wyoming, South Dakota, New Hampshire, Nevada, Texas, Tennessee and Florida. Nevertheless,\u00a0according to recent research conducted by Invezz, it stands as only 36 out of 50 states in terms of crypto adoption. <\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"From Jan. 1, 2023, the term \u201cvirtual<\/p>\n","protected":false},"author":3,"featured_media":168670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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