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Hawaii Exempts Crypto Firms from Money Transmitter Licence Requirement

Jul 1, 2024

 Hawaii Exempts Crypto Firms from Money Transmitter Licence Requirement
 Hawaii Exempts Crypto Firms from Money Transmitter Licence Requirement
 Hawaii Exempts Crypto Firms from Money Transmitter Licence Requirement

In a recent development, Hawaii crypto firms are now exempt from the requirement to obtain a Money Transmitter Licence (MTL) to operate within the state. The exemption follows the conclusion of the Digital Currency Innovation Lab (DCIL) project by the Hawaii Department of Commerce and Consumer Affairs (DCCA) on June 30. Initiated in 2020, DCIL aimed to assess the regulatory framework for digital currency activities in Hawaii. While crypto firms in Hawaii are no longer mandated to have a state-issued MTL, they must still adhere to federal licensing laws enforced by agencies like the SEC, FinCEN, and others. This includes compliance with Anti-Money Laundering regulations and consumer protection measures. The move is expected to streamline operations for crypto companies in Hawaii, aligning with efforts to balance innovation with regulatory oversight in the digital currency sector.