New law on virtual currency, online transactions in Alabama
MONTGOMERY, Ala. (AP) – Alabama has a new law on virtual currency and online transactions.
Al.com reports that the Alabama Monetary Transmission Act became law this month and replaced the 1961 “Sale of Checks Act.”
The state’s legislature passed it in May.
The new law covers bitcoin to regulation of money transfers and provides law enforcement new tools to track international financial crimes.
Alabama Securities Commission Director Joseph Borg says the passing of the new law is important for the state.
Officials say the previous law did not have administrative and enforcement authority and predated the digital age.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)