DCIL FAQ – Consumers

Frequently asked Questions as of 02.09.24
The following are general questions and responses. If you have specific questions, please contact DFI at [email protected].

• What does the closing of the DCIL mean for consumer accounts at the end of the Program?
If the companies participating in the DCIL choose to continue conducting business in Hawai‘i after the Program closes, consumers will be able to continue making transactions in their digital currency accounts. Companies will not be required to wind down and terminate their operations; closing consumer accounts will not be required.

• Will it be legal for consumers to transact in digital currency after the Program closes? Can a consumer choose other digital currency companies to do transactions?
The use of digital currency in Hawai‘i is not illegal. However, companies offering digital currency services previously needed a money transmitter license to operate in Hawai‘i. As money transmitter licenses are no longer required for digital currency services, consumers may use any digital currency company that chooses to conduct business in Hawai‘i.

• Does this mean that digital currency companies are allowed to operate indefinitely in Hawai‘i, so that Hawai‘i consumers can continue to trade in digital currencies?
Yes, after the Program concludes on June 30, 2024, digital currency companies will no longer require a Hawai‘i-issued money transmitter license to conduct business within the State, and digital currency services can continue as unregulated activity.

• What should consumers consider when deciding to purchase digital currency?
1.  Digital currency values are volatile. The value of digital currency fluctuates constantly, and changes can be rapid. When values decrease, there is no guarantee that values will ever go back up again. Consumers should be aware that there is the risk of losing money when transacting in digital currency, and consumers do so at their own risk.
2.  Consumers are encouraged to be cautious when dealing with any unregulated companies. Some things to consider before buying digital currency:
*Transactions involving digital currency are not guaranteed by any government agency, like the Federal Deposit Insurance Corporation (“FDIC”). Any loss of value, loss of information needed to access accounts or digital currency, or bankruptcy of the company providing services all pose a risk of loss to consumers who engage in digital currency activity. There is no government agency that will protect consumer funds.
*Consumers are encouraged to do due diligence before placing money with a digital currency company. Check for complaints about digital currency companies on the websites of the
Better Business Bureau or the Consumer Financial Protection Bureau.
*Beware of using kiosks where digital currency can be purchased. Prices at kiosks may be higher than market rates. Research prices before buying.
*Do not send money or buy bitcoin or other digital currency in response to a ransomware attack, hostage threat, a family member’s injury or legal trouble. These situations are often used by scammers. Verify first!
*Read the terms and conditions for digital currency services before opening an account.

Guidance and additional information can be found at the websites listed below
*The FDIC: ‘Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies’
*The Federal Trade Commission: ‘What to Know About Cryptocurrency and Scams’
*If you believe you are the victim of a scam that was conducted through the internet, report the incident to the FBI at the Internet Crime Complaint Center (IC3).