The state of Hawaii will no longer require a Hawaii-issued money transmitter license to conduct business, according to the results of the Digital Currency Innovation Lab research.
The task force will be composed of 11 members and is required to submit its report before the commencement of the Senate's Regular Session of 2024, after which it will be dissolved.
The partisan Hawaii House Bill 622 would require the Hawaii Technology Development Corporation to form the new blockchain working group.
Hawaii has accepted 12 digital currency firms into its new regulatory sandbox, allowing them to serve its residents without a money transmitter license.
Russia could up regulatory sandboxes for fintech companies, including those building DLT solutions after the Prime Minister submitted a bill to parliament.
Hawaii has launched a regulatory sandbox for digital currency issuers in its latest bid to support the budding industry. Companies have until May 1 to apply.
As governments around the world still try to determine how to address the cryptocurrency explosion, Hawaii is looking to implement its own controls.
