According to Odaily, the Department of Commerce and Consumer Affairs (DCCA) and the Hawaii Technology Development Corporation (HTDC) in Hawaii have recently announced that their regulatory sandbox, the Digital Currency Innovation Lab (DCIL), ended on June 30. As a result, cryptocurrency companies will no longer require a money transmitter license issued by the state of Hawaii to operate within the state. However, they must comply with federal regulations.
The DCIL was a two-year pilot project in Hawaii, established in collaboration between the HTDC and the Department of Financial Institutions (DFI) in Hawaii. It allowed participating digital currency issuers to operate in Hawaii without a state-issued money transmitter license.
The announcement stated, 'This collaborative research project was launched in 2020, aiming to explore the state's digital currency activities and evaluate the regulatory framework needed for companies specifically engaged in digital currency, also known as cryptocurrency. The results of the project indicate that cryptocurrency companies will no longer need a money transmitter license issued by Hawaii to operate in the state.'