EddieJayonCrypto
2 Feb 24
After years of debate and regulatory challenges, Hawaii has shifted its stance on cryptocurrency, making it legal for digital currency companies to operate without a Hawaii-issued money transmitter license. The state's Division of Financial Institutions (DFI) and the Hawaii Technology Development Co...
Crypto is legal in Hawaii. After years of debate and regulatory challenges, Hawaii has shifted its stance on cryptocurrency, making it legal for digital currency companies to operate without a Hawaii-issued money transmitter license. The state's Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (HTDC) collaborated to establish a Digital Currency Innovation Lab (DCIL) to address regulatory issues, and the state is now leaving the management of the cryptocurrency space to the federal government.
The Aloha State had consistently earned a nearly worst-in-the-nation reputation for its unfriendliness toward digital currencies—second only to New York, a state with a Bitlicense that Hawaii was attempting to adapt and adopt. But in a news release quietly posted by the governor's office last week, the state administration revealed that "digital currency companies will no longer require a Hawaii-issued money transmitter license to conduct business within the state." "The companies will be able to continue transaction activity as an unregulated business," the announcement continued. "However, such companies will be responsible for complying with any applicable federal licensing or registration requirements." In other words, Hawaii's regulatory posture has abruptly shifted from strict to "hang loose."
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