Hawaii Completes Regulatory Sandbox Pilot Program, Crypto Firms No Longer Require State Money Transmitter License

Odaily News The Hawaii State Department of Commerce and Consumer Affairs and the Hawaii Technology Development Corporation (HTDC) recently issued an announcement to remind the public that its regulatory sandbox, the Digital Currency Innovation Lab (DCIL), has ended on June 30. Cryptocurrency companies will no longer need a money transmitter license issued by the state of Hawaii to do business in the state. However, they must comply with federal regulations. DCIL is a two-year pilot project in the state of Hawaii established by HTDC in partnership with the Hawaii Department of Financial Institutions (DFI). It allows participating digital currency issuers to do business in Hawaii without a state money transmitter license. The announcement stated: This collaborative research project was launched in 2020 to explore digital currency activities in the state and evaluate the regulatory framework required for companies specializing in digital currencies, also known as cryptocurrencies. The results of the project indicate that digital currency companies will no longer need a money transmitter license issued by Hawaii to do business in the state. (Bitcoin.com)