According to the legal firm Cooley, on December 19, the state of Alaska changed its money transfer laws to incorporate a definition of "virtual currency." It is defined as follows under the local Administrative Code modification authorized by the Division of Banking and Securities (DBS):
“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."
This amendment's need that "a person participating in money transmission activity involving virtual currency" apply for a license is obviously one of its consequences, which will take effect on January 1.
According to reports, the definition of money worth as well as the list of permitted investments would also include the word "virtual currency." Rewards schemes and digital tokens used in online gaming, however, continue to fall outside the definition of virtual money.
