Digital Currency Innovation Lab
The Hawai‘i Department of Commerce and Consumer Affairs Division of Financial Institutions (“DFI”) and the Hawai‘i Technology Development Corporation (“HTDC”) jointly announced that the Digital Currency Innovation Lab (“DCIL”) will conclude on June 30, 2024. Press statement – FINAL 012524 – DCIL Concludes Operations.
In partnership with the Hawaii Technology Development Corp (HTDC) and Hawaii Division of Financial Institutions (DFI), this program is expected to:
* Create economic opportunities for Hawaii through early adoption of digital currency
* Offer consumer protection by providing guidance to issuers of digital currency
* Provide data to shape legislation supporting digital currency
The findings from the DCIL indicate that digital currency companies will no longer require a Hawai‘i-issued money transmitter license to conduct business within the state. Beginning July 1, 2024, digital currency activities will no longer be regulated under Chapter 489D, Hawai‘i Revised Statutes (“HRS”) – Money Transmitters Modernization Act, or any other statutes under DFI’s authority. DCIL participants and any other companies wishing to conduct digital currency activities in Hawai‘i may do so without a money transmitter license. However, such companies will be responsible for complying with any applicable federal licensing or registration requirements, including those set forth by, but not limited to, the Financial Crimes Enforcement Network, the Securities and Exchange Commission, and the Financial Industry Regulatory Authority, as well as any pertinent federal regulatory requirements involving consumer protection, anti-money laundering measures, etc.
Frequently Asked Questions – Consumers
Frequently Asked Questions – Industry
Statistics and types of digital currency: Statistics