Hawaiian Bills Would Capture Crypto Under Money Transmission Law
Hawaiian lawmakers are aiming to address cryptocurrency, this time by update money transmission law in the state.
Hawaii's Digital Currency Innovation Lab is accepting a second round of applications through Feb. 26.
ErisX and bitFlyer are among the 12 crypto exchanges piloting Hawaii’s digital currency regulatory sandbox, that will allow selected entities to do business in the state without its stringent money transmitter license for a two-year period.
Under current requirements, exchanges must hold an amount of fiat equivalent to the value of the crypto their clients are holding.
Hawaiian regulators have launched a digital currency sandbox that waives the state’s infamous double-reserve requirement for participating crypto firms.
Hawaiian lawmakers have submitted a bill that allows banks to provide custody for digital assets.