HI HCR118

Requests the Department of Commerce and Consumer Affairs to reconsider its 2016 ruling on asset reserve requirements for digital currency, virtual currency, and cryptocurrency companies operating in Hawaii.

Directs alignment of Hawaii's asset reserve requirements for these companies with requirements in other states following completion of a joint study by the Division of Financial Institutions and Hawaii Technology Development Corporation.

Acknowledges that 2016 requirements imposed licensing and asset reserve obligations that were too burdensome for digital currency companies to conduct business in Hawaii.

References the Digital Currency Innovation Lab Pilot Program, established through a partnership between the Division of Financial Institutions and Hawaii Technology Development Corporation, which currently restricts unlicensed digital currency company access to Hawaii-based consumers.

Requires certified copies of the resolution be sent to the Director of Commerce and Consumer Affairs, Commissioner of Financial Institutions, and Executive Director of the Hawaii Technology and Development Corporation.