United

Drops

<ul>
 <li>Crypto enterprises would no longer need a MTL to do business inside the state.</li>
 <li>DCCA noted that the firms may keep doing business as usual as unregulated entities.</li>
</ul>
A Money Transmitter License (MTL) is no longer necessary for cryptocurrency businesses in Hawaii to operate legally. On June 30, 2024, the state of Hawaii’s Digital Currency Innovation Lab (DCIL), a collaborative crypto research initiative, ended, according to the state’s Department of Commerce and Consumer Affairs (DCCA).
Launched in 2020, DCIL sought to investigate the state’s digital currency ecosystem and evaluate the necessary regulatory environment for crypto-related businesses.
In an official statement released on June 28, <a href="https://portal.ehawaii.gov/" target="_blank" rel="noopener noreferrer nofollow">Hawaii</a> officials declared that digital currency enterprises would no longer need a Hawai’i-issued MTL to do business inside the state once the project is completed.
<h3 class="wp-block-heading" id="h-industry-regulations-applicable">Industry Regulations Applicable</h3>
In the statement, DCCA noted that the firms may keep doing business as usual as unregulated entities. But that crypto enterprises should still be aware of and meet any federal licensing or registration requirements that may be in place.
Moreover, standards established by the Financial Industry Regulatory Authority (<a href="https://www.finra.org/" target="_blank" rel="noopener noreferrer nofollow">FINRA</a>), the Securities and Exchange Commission (<a href="https://thenewscrypto.com/did-judge-jacksons-verdict-mark-a-crypto-win-and-a-setback-for-the-sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>), and the Financial Crimes Enforcement Network (<a href="https://thenewscrypto.com/fincen-issues-alert-on-hamas-crypto-fundraising-for-terrorism/" target="_blank" rel="noopener noreferrer nofollow">FinCEN</a>) will be among these guidelines.
According to the statement, compliance also includes all applicable federal regulatory standards. Such as those pertaining to consumer protection and anti-money laundering procedures. Legal requirements for the licencing of money transmitters are a component of the federal statutes and regulations. That control the security of the payment system in the 48 states of the United States.
Maintaining acceptable investments, a minimum net worth, a business strategy, and a compliance program are all necessary investments and resources for obtaining the MLT license. Furthermore, several crypto firms have been collaborating with authorities to get MLT licenses in a number of US states.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/crypto-exchange-bingx-expands-partnership-with-football-club-chelsea/" target="_blank" rel="noopener noreferrer nofollow">Crypto Exchange BingX Expands Partnership with Football Club Chelsea</a>

Hawaii Drops Money Transmitter License Requirement for Crypto Firms

目錄

TheNewsCrypto

在 2024年7月1日發表的其他文章

3 Cryptos That Can Make Or Break Your Portfolio: MANTA, STRK, ZK

Cardano (ADA) Price Surge Could Increase Profits by $500 Million

Investors Jump Ship, Switch To Qubetics Whitelist As Ethereum And Avalanche Falter

Bloomberg analyst Eric Balchunas extends the deadline for Ethereum Spot ETF launch

Solana Beats Them All In Daily NFT Sales – Becomes The Leading NFT Blockchain

APE Drives Yuga Labs Ecosystem

訂閱免費電子報，每天收取加密貨幣最新動態！