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

Bitget App

Trade smarter

Odaily2024/07/01 01:45

By:Odaily

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)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34