SB3184 regulates digital asset services in Hawaii, focusing on custody, staking, and compliance.

SB3184 establishes a regulatory framework for digital asset services in Hawaii. It allows banks and credit unions to provide custody services for digital assets, either in a fiduciary or non-fiduciary capacity. Institutions must maintain one-to-one reserves for digital assets and comply with cybersecurity standards. The bill also permits institutions to stake digital assets on behalf of customers, requiring them to maintain appropriate reserves and insurance. Institutions must notify the commissioner of their intent to provide digital asset services and undergo independent audits.

SB3184 regulates digital asset services in Hawaii, focusing on custody, staking, and compliance.

SB3184 establishes a regulatory framework for digital asset services in Hawaii. It allows banks and credit unions to provide custody services for digital assets, either in a fiduciary or non-fiduciary capacity. Institutions must maintain one-to-one reserves for digital assets and comply with cybersecurity standards. The bill also permits institutions to stake digital assets on behalf of customers, requiring them to maintain appropriate reserves and insurance. Institutions must notify the commissioner of their intent to provide digital asset services and undergo independent audits.