Bill > HR115

This 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 program designed to allow limited activity for digital currency companies to better understand and regulate the industry, until June 30, 2024, or until new legislation is passed to create a licensing program for digital currencies, whichever happens sooner. This extension is being sought because the current regulations, specifically the Money Transmitters Modernization Act, are too burdensome for digital currency companies, and the Legislature has not yet enacted alternative measures to either exempt these companies or establish a clear regulatory framework, despite the significant volume of digital currency transactions and the potential disruption to consumers if the pilot project ends without a successor.