Cryptocurrency Companies Invited By Hawaii’s DCIL To Join Program

Cryptocurrency Firms Can Apply To Hawaii’s DCIL Program
  • Hawaii-based Digital Currency Innovation Lab (DCIL) has initiated another round of registrations for novel digital asset companies to join the program
  • DCIL’s program began in August 2020 and will continue until December 2022
  • This will allow crypto companies to carry out business activities without having to acquire a state money transmitter license

Hawaii’s DCIL will accept applications of cryptocurrency companies which are inclined towards joining the program.

Crypto Firms applications open

The Digital Currency Innovation Lab (DCIL), situated in Hawaii, is going to initiate a second round of registrations for new cryptocurrency organisations to join the program.

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DCIL is the state-established program that enables digital asset-oriented companies to issue cryptocurrency. They can do so without having to acquire a state money transmitter permit. 

The program formally began on 19th August , 2020 and will be in effect until December 31, 2022.

11 Companies To Be Joined By New Ones

The second round of endorsed candidates will join 11 organizations from the program’s debut group who joined last August. These include  bitFlyer USA, Coinme, Apex Crypto, Novi Financial, BlockFi Trading, Flexa Network, CEX.IO, Gemini Trust Company, Cloud Nalu, ErisX and River Financial. As of January 13, 2020 – Robinhood is no longer continuing its membership in the program.

The Commissioner of Division of Financial Institutions (DFI), Iris Ikeda, mentioned in an interview that applications for the program have been plenty despite the ongoing pandemic. He added that DCIL has witnessed a solid beginning while having encountered positive footing with the main associates of various cryptocurrency organizations. The team at DCIL is consistently working towards developing the program with the aim to incorporate established digital asset companies. This will be the driving force behind empowering the advancement of digital currency.

As per the published report, organizations who have recently conceded to become members of the program will have the chance to work in Hawaii without a state cash transmitter permit through June 30, 2022. 

The authorities at the Department of Commerce and Consumer Affairs (DCCA) said that this incentive was made conceivable with the issuance of a “no activity message” by DFI. This implies that DFI won’t make any move against the members during the two-year length of the program. Notwithstanding, the digital currency organizations will in any case be needed to consent to different segments of the cash transmitter laws. 

Organizations keen on joining the second round are required to apply here by February 26, 10 p.m. (EST)

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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