New Crypto Regulation: Firms In Hawaii Now Exempt From MT License Requirement
Summary
Hawaii's Digital Currency Innovation Lab (DCIL) concluded that crypto firms no longer need a Money Transmitter License (MTL) to operate in the state. The DCIL found that crypto activities did not align with money transmission, leading to a change in regulation starting July 1. Crypto companies are now unregulated in Hawaii but must comply with federal regulatory requirements. The DCIL provided valuable insight for Hawaii's regulators and warned investors about crypto scams. Kaua‘i Police Department issued guidelines to prevent crypto scams, emphasizing caution and information gathering before making payments.
