Hawaii waives digital currency business 'money transmitter license' requirement for 2 years

posted 4 months ago
Hawaii is opening up its crypto regulations by temporarily waiving the requirement to have a ‘money transmitter license’ to operate a digital currency based business. The two-year pilot program is called the Digital Currency Innovation Lab program, it is a joint initiative between the DCCA, Hawaii Technology Development Corporation (HTDC), and the Division of Financial Institutions (DFI).

In the past, authorities demanded companies servicing Hawaiian residents to hold cash equivalents backing any crypto holdings. HTDC’s acting executive director Len Higashi said “By spearheading the Digital Currency Innovation Lab, Hawaii can position itself on the forefront of financial technology and potentially, reap the economic benefits that accompany the leadership stance taken.”
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