DCCA NEWS RELEASE: HAWAII’S DIGITAL CURRENCY SANDBOX SEEKING TO EXPAND THE PLAYING FIELD
Cryptocurrency Firms Invited to Apply
HONOLULU – The State of Hawaii’s Digital Currency Innovation Lab (DCIL) invitations new entities throughout the cryptocurrency area to hitch this system – the primary of its type within the state. Launched in March 2020, the DCIL was shaped by means of a partnership between the Division of Commerce and Shopper Affairs, Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (HTDC). Firms eager about becoming a member of the second spherical ought to apply by means of the HTDC web site by February 26, 2021, 5:00 p.m. (HST).
“Regardless of the pandemic, the DCIL had a powerful begin and we’ve got skilled constructive traction with the primary cohort of corporations. We’re able to develop our program and welcome established digital forex corporations to hitch us in enabling monetary innovation”, says Iris Ikeda, commissioner of DFI.
The second cohort will be a part of the 11 corporations of this system’s inaugural group from final August. These corporations embody Apex Crypto, bitFlyer USA, BlockFi Trading, CEX.IO, Cloud Nalu, Coinme, ErisX, Flexa Network, Gemini Trust Company, Novi Financial, and River Financial.
Newly admitted corporations acquire the chance to conduct enterprise in Hawaii with out the necessity to acquire a state cash transmitter license by means of June 30, 2022. That is made doable with the issuance of a “no motion message” by DFI, which won’t take any motion in opposition to these corporations throughout the two-year interval of this system. The businesses, nonetheless, will nonetheless be required to adjust to different sections of the cash transmitter legal guidelines.
Len Higashi, performing govt director of HTDC shares, “The suggestions we obtained from taking part corporations and customers concerning the DCIL is encouraging. Whereas the pandemic undoubtedly affected the native improvement of actions using digital forex that we have been initially hoping for, the joy round its potential in Hawaii has not been dampened.”
For extra particulars on the appliance and DCIL pilot program, go to the HTDC web site at: www.htdc.org/programs/#dcil-section.
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Division of Commerce and Shopper Affairs
Electronic mail: [email protected]
Telephone: (808) 586-7582