HI SR25

Requests extension of the Digital Currency Innovation Lab (DCIL) pilot project, originally scheduled to terminate on June 30, 2022, for an additional two years or until digital currency legislation is enacted, whichever comes first.

Approximately 61,000 digital currency consumers have conducted over $611 million in transactions through 15 cryptocurrency companies participating in the DCIL pilot project.

Notes that without an extension, digital currency consumers will be required to close their digital wallets by December 31, 2022, as the current pilot program lacks permanent regulatory framework.

Acknowledges the DCIL pilot project has demonstrated the need for comprehensive digital currency regulation and that cryptocurrency companies face barriers under existing Money Transmitters Modernization Act requirements.

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