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HONOLULU (KHON2) — Hawaii’s digital forex sandbox is in search of to develop the taking part in area.
[Hawaii news on the go–LISTEN to KHON 2GO weekday mornings at 7:30 a.m.]
The Digital Currency Innovation Lab (DCIL) will likely be accepting a second spherical of purposes from new cryptocurrency corporations to affix this system.
DCIL is the state’s pilot program that permits digital forex issuers to do enterprise in Hawaii with out acquiring a state cash transmitter license.
This system formally began on August 19, 2020 and will likely be in impact till December 31, 2022.
The second spherical of authorized candidates will be part of 11 corporations 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 powerful begin and we have now skilled constructive traction with the primary cohort of corporations,” 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 forex corporations to affix us in enabling monetary innovation.”
Based on the information launch, newly admitted corporations can have the chance to do enterprise in Hawaii and not using a state cash transmitter license via June 30, 2022.
Division of Commerce and Shopper 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 members in the course of the two-year interval of this system. Nevertheless, the cryptocurrency corporations will nonetheless be required to adjust to different sections of the cash transmitter legal guidelines.
Firms serious about 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.