Hawaii lifts money transmitter license requirement for digital asset firms

Hawaii's regulatory sandbox for digital asset companies, the Digital Currency Innovation Lab (DCIL), ended on June 30, Bitcoin.com reported. Since 2020, the Hawaii Division of Financial Institutions and the Hawaii Technology Development Corporation (HTDC) have run the DCIL sandbox program, allowing digital currency issuers to operate without a money transmitter license. Following the DCIL's success, HTDC announced that digital asset firms will no longer need to obtain a money transmitter license to operate in the state. However, they must still adhere to registration requirements, including anti-money laundering regulations. Earlier in February, the Hawaii state government had already signaled plans to remove the money transmitter license requirement for cryptocurrency companies.