While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws.
Cryptocurrency firms in Hawaii are now officially exempt from the requirement to receive a Money Transmitter License (MTL) to run business in the state.
The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) informed the public that the state concluded the collaborative crypto research project Digital Currency Innovation Lab (DCIL) on June 30, 2024.
Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies.