HI SCR30

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 for another two years or until digital currency licensure legislation is enacted, whichever occurs first.

Notes that the original two-year DCIL pilot project was set to terminate on June 30, 2022, which would require approximately 61,000 digital currency consumers to close their digital wallets by December 31, 2022.

States that 15 cryptocurrency-based companies currently participate in the DCIL pilot project, with participants completing over $611,000,000 in transactions.

Acknowledges that the 2016 Division of Financial Institutions analysis found digital currency transactions differ from money transmissions and that subjecting digital currency companies to existing Money Transmitters Modernization Act licensing requirements would be too burdensome.

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