{"id":33403,"date":"2024-07-01T13:53:55","date_gmt":"2024-07-01T13:53:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hawaii-exempts-cryptocurrency-firms-from-money-transmitter-license\/"},"modified":"2024-07-01T13:53:55","modified_gmt":"2024-07-01T13:53:55","slug":"hawaii-exempts-cryptocurrency-firms-from-money-transmitter-license","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hawaii-exempts-cryptocurrency-firms-from-money-transmitter-license\/","title":{"rendered":"Hawaii Exempts Cryptocurrency Firms from Money Transmitter License"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>It is no longer necessary for cryptocurrency companies to get a Money Transmitter License (MTL) in order to conduct business in Hawaii. This choice is the result of the Digital Currency Innovation Lab (DCIL) initiative coming to an end.<\/p>\n<p>On June 30, 2024, the Department of Commerce and Consumer Affairs (DCCA) in Hawaii declared that the DCIL project, which was initiated in 2020, had come to an end. The project\u2019s objectives were to examine the state of digital currencies and determine what regulations Hawaii\u2019s crypto industry would need to follow.<\/p>\n<p>As a result, Hawaii has determined that digital currency firms no longer need a state-issued MTL to conduct business. According to the official statement on June 28, <em>\u201cThe companies will be able to continue transaction activity as an unregulated business.\u201d<\/em><\/p>\n<h2><strong>Federal Compliance Still Required<\/strong><\/h2>\n<p><a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a> businesses still have to abide by relevant federal rules even if the state no longer needs an MTL. The Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority are a few of these regulations.<\/p>\n<p>Along with stressing the need of adhering to relevant laws and regulations, the DCCA statement also stressed the need of consumer protection legislation and anti-money laundering measures.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/hawaii-exempts-cryptocurrency-firms-from-money-transmitter-license\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) It is no longer necessary for cryptocurrency companies to get a Money Transmitter License (MTL) in order to conduct business in Hawaii. This choice is the result of the Digital Currency Innovation Lab (DCIL) initiative coming to an end. On June 30, 2024, the Department of [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":33404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33403"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33403"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33404"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}