HI HR115

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

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

Notes that closure of the DCIL pilot project on June 30, 2022, would require digital currency consumers to empty and close their digital wallets by December 31, 2022, with no alternative regulatory framework in place.

Acknowledges that since 2016, the Division of Financial Institutions determined that subjecting digital currency companies to existing money transmitter licensing and asset reserve requirements is too burdensome for these companies to operate in Hawaii.

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