HONOLULU (KHON2) — Four U.S.-based digital currency companies have recently been admitted into Hawaii’s Digital Currency Innovation Lab (DCIL), which allows them to do business in the state without having to first obtain a state money transmitter license.
The companies are still required to comply with other sections of the money transmitter laws.
“The DCIL provides a valuable opportunity for digital currency companies to partake in the conversations around legislation pertaining to money transmitters at the state level. Despite knowing that they have only one year to operate in Hawaii, we received interest from 14 applicants for this second cohort,” says Iris Ikeda, Commissioner of Financial Institutions. Similarly, the state benefits as well – through transactional data, feedback and ideas provided by the participants.
The two-year pilot program concludes on June 30, 2022, with a winddown period lasting until December 30, 2022. Click here for more information.