HI HCR115

Requests the Department of Commerce and Consumer Affairs' Division of Financial Institutions and Hawaii Technology Development Corporation to extend the Digital Currency Innovation Lab (DCIL) pilot project until June 30, 2024, or until digital currency licensure legislation is enacted, whichever occurs first.

Notes that as of Q4 2021, approximately 134,000 digital currency consumers completed over $896 million in transactions with 15 cryptocurrency companies participating in the DCIL pilot project.

States that without extension, digital currency consumers will be required to close their digital wallets by December 31, 2022, following the pilot project's original June 30, 2022 termination date.

Indicates the Division of Financial Institutions found in 2016 that subjecting digital currency companies to Money Transmitters Modernization Act requirements was too burdensome for business operations in Hawaii.

Directs certified copies of the resolution be transmitted to the Commissioner of Financial Institutions and Executive Director of the Hawaii Technology Development Corporation.