Bill > SCR30

This Concurrent Resolution requests that the Department of Commerce and Consumer Affairs' Division of Financial Institutions and the Hawaii Technology Development Corporation extend the Digital Currency Innovation Lab (DCIL) pilot project, a two-year initiative designed to allow digital currency companies to operate under limited conditions to better understand and regulate the cryptocurrency industry. The resolution highlights that cryptocurrency, or digital currency, is a type of digital money managed online, lacking physical form and government backing, and that existing regulations for money transmitters were too burdensome for these companies. The DCIL has facilitated significant transactions for thousands of consumers, and its termination would force users to close their digital wallets, while the project's success has underscored the need for clearer regulation. Therefore, the resolution asks for the pilot project to be extended for another two years or until a specific digital currency licensing program is established, whichever comes first, to ensure continued understanding and appropriate oversight of this growing industry.