Hawaii, USA cancels the currency transfer license requirement for digital currency companies

ChainCatcher News, the state of Hawaii in the United States has announced that cryptocurrency companies no longer need to obtain a money transmitter license issued by Hawaii to operate in the state, shifting its regulatory stance from strict to lenient. Hawaii regulators believe that cryptocurrency exchanges fall under their regulatory scope and require these exchanges to maintain cash reserves equivalent to their digital assets. To address this issue, Hawaii has partnered with the Hawaii Technology Development Corporation to establish a Digital Currency Innovation Lab, allowing exchanges to temporarily provide services to customers in the state without the fear of regulatory action.

It is reported that Hawaii had previously launched a Digital Currency Innovation Lab (DCIL), but the program faced multiple delays due to the state legislature's failure to establish a clear regulatory framework. Ultimately, Hawaii decided to discontinue the program and leave the regulation of the digital currency sector to the federal government. The Department of Financial Institutions (DFI) of Hawaii and the Hawaii Technology Development Corporation (HTDC) jointly announced that this decision was made to balance innovation and regulatory responsibilities.