List of cryptocurrency companies that can still do business in Hawaii

view original post

HONOLULU (KHON2) — Eleven cryptocurrency companies are choosing to continue their participation in the state’s Digital Currency Innovation Lab (DCIL) program, which almost took its last breath after House Bill 2108 was indefinitely deferred in early May.

The bill would have established a program for the licensure, regulation and oversight of digital currency companies in Hawaii.

On the go with KHON 2GO, KHON’s morning podcast, every morning at 8

Without its passing, the DCIL was scheduled to close for transactions on June 30 for both businesses and consumers. However, in early June, the Division of Financial Institutions, Department of Commerce and Consumer Affairs (“DFI”) and Hawaii Technology and Development Corporation (“HTDC”) announced a two-year extension. The new term began on July 1 and will continue until Dec. 30, 2024.

To clarify, the last day consumers can transact is on June 30, 2024. From July 1, 2024 to Dec. 31, 2024, only winddown activities are permitted, which includes closing accounts or cold storage.

Companies that may continue to do business in Hawaii without having to first obtain a state money transmitter license include:

“The decision made by the majority of companies to continue their participation is a testament to the immense value of being a part of the DCIL and the ability to conduct operations in Hawaii, in a legitimate manner,” said Iris Ikeda, Commissioner of Financial Institutions, HDFI, in Monday’s announcement.

Check out more news from around Hawaii

As the DCIL continues to study the effects of digital currency transactions in Hawaii, it will be admitting new companies during the new application cycle later this year. Click here for details.