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HONOLULU (KHON2) — Hawaii’s digital foreign money sandbox is looking for to increase the enjoying subject.
[Hawaii news on the go–LISTEN to KHON 2GO weekday mornings at 7:30 a.m.]
The Digital Currency Innovation Lab (DCIL) will probably be accepting a second spherical of purposes from new cryptocurrency firms to hitch this system.
DCIL is the state’s pilot program that enables digital foreign money issuers to do enterprise in Hawaii with out acquiring a state cash transmitter license.
This system formally began on August 19, 2020 and will probably be in impact till December 31, 2022.
The second spherical of permitted candidates will be a part of 11 firms from this system’s inaugural group final August: Apex Crypto, bitFlyer USA, BlockFi Buying and selling, CEX.IO, Cloud Nalu, Coinme, ErisX, Flexa Community, Gemini Belief Firm, Novi Monetary and River Monetary. As of January 13, 2020 – Robinhood is now not a participant.
“Regardless of the pandemic, the DCIL had a robust begin and we have now skilled optimistic traction with the primary cohort of firms,” Division of Monetary Establishments (DFI) commissioner Iris Ikeda stated in a information launch this week. “We’re able to develop our program and welcome established digital foreign money firms to hitch us in enabling monetary innovation.”
In line with the information launch, newly admitted firms may have the chance to do enterprise in Hawaii with no state cash transmitter license via June 30, 2022.
Division of Commerce and Client Affairs (DCCA) officers stated this was made doable with the issuance of a “no motion message” by DFI. This implies DFI is not going to take any motion in opposition to this system’s individuals through the two-year interval of this system. Nonetheless, the cryptocurrency firms will nonetheless be required to adjust to different sections of the cash transmitter legal guidelines.
Firms fascinated by becoming a member of the second spherical ought to apply here by Feb. 26, 5 p.m.
Click here for extra particulars on the applying and the DCIL pilot program.