SB362 clarifies that digital currency companies in Hawaii must comply with existing money transmission regulations.
SB362 aims to ensure digital currency companies in Hawaii adhere to the state's money transmission regulations. The bill follows a study by the Division of Financial Institutions and the Hawaii Technology Development Corporation, which concluded that current regulations do not fully apply to digital currency companies. The legislation amends Chapter 489D of the Hawaii Revised Statutes to explicitly include digital currency companies, ensuring they meet statutory requirements. The bill emphasizes the importance of consumer protection and regulatory oversight in the digital currency sector.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.