HONOLULU— Cryptocurrency firms in Hawaii are now exempt from the requirement to receive a Money Transmitter License (MTL) to operate in the state.
The Hawaii Department of Commerce and Consumer Affairs (DCCA) announced the exemption at the conclusion of the collaborative crypto research project Digital Currency Innovation Lab (DCIL).
Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies, Cointelegraph reported.
After completing the project, Hawaii authorities ruled that digital currency companies will no longer require a Hawaii-issued MTL to conduct business within the state, according to an official statement.
Must Still Comply With Federal Law
“The companies will be able to continue transaction activity as an unregulated business,” DCCA said in the statement, adding that crypto companies will still be responsible for complying with any applicable federal licensing or registration requirements, Cointelegraph noted.