Cryptocurrency firms in Hawaii are now officially exempt from the requirement to receive a Money Transmitter License (MTL) to run business in the state.
The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) informed the public that the state concluded the collaborative crypto research project Digital Currency Innovation Lab (DCIL) on June 30, 2024.
Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies.
Completing the project, Hawai authorities ruled that digital currency companies will no longer require a Hawai‘i-issued MTL to conduct business within the state, according to an official statement published on June 28.
“The companies will be able to continue transaction activity as an unregulated business,” DCCA said in the statement, adding that crypto companies will still be responsible for complying with any applicable federal licensing or registration requirements.
Such requirements will include those set forth by the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority.
Additionally, compliance will involve “any pertinent federal regulatory requirements involving consumer protection,” Anti-Money Laundering measures and others, the statement notes.