Hawaii’s Crypto Companies Will Not Have to Obtain a Money Transmitter License

Reading Time: < 1 minute

Hawaii has officially decided to exempt cryptocurrency companies from the need to obtain a Money Transmitter License (MTL) in order to operate in the state.

The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) announced that their collaborative research project, the Digital Currency Innovation Lab (DCIL), concluded on June 30, 2024.

Launched in 2020, the DCIL aimed to investigate the use of digital currencies in Hawaii and determine the necessary regulatory framework for crypto-related entities.

As a result of the project, the state has determined that cryptocurrency businesses will no longer need a Hawai‘i-issued MTL to conduct transactions within the state.

This was announced in an official statement on June 28. According to the statement, these companies will now be able to operate without regulation, but must still comply with any federal licensing or registration requirements.