HI SB2697

Amends Hawaii Revised Statutes Section 489D-5 to add electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies to the list of exclusions from the Money Transmitters Modernization Act.

Defines "cryptocurrency" as a virtual currency using cryptography to secure transactions recorded on a distributed ledger such as a blockchain.

Defines "virtual currency" as a digital representation of value that is not real currency and functions as a unit of account, store of value, and medium of exchange.

Exempts virtual currency and cryptocurrency companies from licensing requirements under Hawaii's money transmitter regulations.

Becomes effective upon approval.