New Crypto Regulation: Firms
In Hawaii Now Exempt From
MT License Requirement
New Crypto Regulation: Firms In Hawaii Now Exempt From MT License Requirement
by Rubmar Garcia
2 hours ago
in Crypto News
0
Hawaii’s regulator announced the official end of the Digital Currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
Innovation Lab (DCIL) on June 30. The DCIL concluded that crypto firms no
longer needed a Money Transmitter License (MTL) to operate in the state.
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Battle Intensifies
Hawaii Crypto Firms No Longer Need MTL
On Sunday, the Hawai‘i Department of Commerce and Consumer Affairs Division of
Financial Institutions (DFI) announced that its DCIL research project had
concluded. The project’s findings led to a change in crypto regulation in the
state, starting July 1.
The DFI started the DCIL in 2020 with the Hawai‘i Technology Development
Corporation (HTDC). It aimed “to explore the landscape of digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
activity within the state while assessing the regulatory framework required
for companies specializing in digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.”
DCIL aims to support crypto adoption in Hawaii. Source: DCCA
The research project found that the activities conducted by crypto-related
companies “did not align with the concept of money transmission,” as stated in
Chapter 489D of the Hawai’i Revised Statuses. Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта firms had to
obtain a money transmitter license to operate in the state before the DCIL.
According to the press release, the DFI attempted to propose a “special
digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта licensing scheme” throughout the project but couldn’t provide
one offering sufficient protection for customers.
As a result, crypto companies are no longer required to obtain the
Hawaii-issued MTL. Starting July 1, firms can continue operating within the
state as an unregulated business• Экономика » Бизнес. Nonetheless, these companies are responsible
for conforming to the applicable federal licensing or registration
requirements.
Crypto firms must comply with “any pertinent federal regulatory requirements
involving consumer protection, anti-money laundering measures, etc.,”
including those emitted by the Financial Crimes Enforcement Network (FinCEN• Объект организация » Организации по алфавиту » Организации на Fi » Financial Crimes Enforcement Network (FinCEN)
• Объект организация » Организации по алфавиту » Организации на Ми » Министерство финансов США » Financial Crimes Enforcement Network (FinCEN)
• Объект организация » Организации по алфавиту » Организации на Пр » Правительство США » Министерство финансов США » Financial Crimes Enforcement Network (FinCEN)
• Государство » Государственное устройство США » Правительство США » Министерство финансов США » Financial Crimes Enforcement Network (FinCEN)
• Соединённые Штаты Америки (США) » Государственное устройство США » Правительство США » Министерство финансов США » Financial Crimes Enforcement Network (FinCEN)),
the Securities and Exchange Commission (SEC), and the Financial Industry
Regulatory Authority.
Hawaii Authorities Issue Warning
Iris Ikeda, Banking Commissioner at DFI, emphasized the invaluable insight
provided by the DCIL. According to Ikeda, the research project helped Hawaii’s
regulators to understand the rapidly evolving crypto industry:
This project has been instrumental in shaping our understanding of the
industry s needs and safeguarding the interests of consumers and the
broader financial system. The conclusion of the DCIL marks a milestone
reflecting a commitment to balancing innovation and regulatory responsibility.
Additionally, the Banking Commissioner urged investors to remain vigilant
about scams and assured the DFI will continue to work on “ensuring that
consumers are aware of the risks associated” with the industry.
In June, the Kaua‘i Police Department (KPD) warned the county residents about
an ongoing crypto scam. Per the report, the scammers impersonate law
enforcement officers to extort victims.
The caller informs the victim there’s an alleged warrant for their arrest and
they must pay a fine with crypto to avoid detention. The scammers use real
information about the victim to make the scam appear credible. Additionally,
they manipulate the caller ID• Телекоммуникации и связь » Телефонная связь » Телефония » Caller ID number to make it look like a government agency
call.
The police offered some guidelines to prevent such scams, including not giving
any personal or financial data to unknown callers, not answering strange phone
numbers, and not corroborating personal information if the caller asks to
“confirm it.”
The KPD also stressed that fines are not imposed unless an individual has
appeared in court. If one is imposed, it will be in open court, reduced to
writing, and will not be payable with a gift card number or cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
Ultimately, Kaua s police urged investors to be careful and inform
themselves before paying.
Related Reading: Hong Kong Regulator Issues Fraud Alert On Three Exchanges –
Details
Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) is trading at $62,804 in the five-day chart. Source: BTCUSDT on
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