Hawaiian Bills Would Capture Crypto Under Money Transmission Law

Two bills introduced in the Hawaiian Senate last week are aiming to define and include virtual currencies within domain of the state's Money Transmitters Act. The legislation notably exempts exchanges from section 489D-8 of the Act, which mandates money transmitters maintain cash reserves equal to the virtual currency funds held for clients. Both bills come on the heels of the state's adoption of the Uniform Regulation of Virtual Currency Businesses Act, a proposed model legislation published in 2017 as a guide for states seeking to enact policies and provisions relating to the technology. Specifically, the template was drafted by the Uniform Law Commission, which authors non-partisan legislation to bring clarity to areas where it is wanting in state statutory law.
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