Cryptocurrency firms operating in Hawaii are now officially exempt from needing a Money Transmitter License (MTL) to conduct business within the state.
The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) announced the conclusion of the Digital Currency Innovation Lab (DCIL) project on June 30, 2024. The DCIL, initiated in 2020, was a collaborative research initiative designed to explore digital currency activity and evaluate the regulatory framework needed for crypto-related companies in Hawaii.
With the completion of this project, Hawaii authorities have determined that digital currency companies no longer require a state-issued MTL to operate. According to an official statement released on June 28, these companies can continue their transaction activities as unregulated businesses within the state.
However, while exempt from the state MTL requirement, crypto firms must still comply with any applicable federal licensing or registration laws. This includes regulations set forth by the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA).
The DCCA emphasized that compliance also involves adhering to federal regulatory requirements related to consumer protection, anti-money laundering (AML) measures, and other pertinent regulations.
Summary Review: Hawaii’s decision to exempt crypto firms from the state MTL requirement aims to foster a more favorable environment for digital currency businesses. Nonetheless, these firms must remain vigilant in adhering to federal regulations to ensure compliance and maintain the integrity of their operations.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
