Hawaii will be licensed cryptocurrency company

Two bills presented in the Senate of the state of Hawaii last week, is aimed at the definition and the inclusion of virtual currencies into the scope of the Law on remittances of the state.

In the case of adoption, the bills SB2853 HI and HI SB3082 will require companies and individuals engaged in the transfer of virtual currencies to obtain a license. In addition, prior to payment, the company will be required to notify clients about the risks associated with it.

The bills, in particular, free exchange from compliance with section 489D-8 of the Act, under which companies involved in money transfers must have the reserves in accordance with the amount of funds to customers based on the exchange virtual currency. The Department of financial institutions of the Hawaiian Islands has previously noted that it plans to retain the requirement for exchanges, prompting the American cryptocurrency company Coinbase to stop work on the territory of the state.

However, despite the clause in the bill HI SB3082 contains a warning against the volatility of cryptocurrencies, and emphasizes that they are not protected and not supported by any government or physical assets. The document says:

«You should know that the potential exists to lose all of your virtual currency. Although cash can also be lost with virtual currency, this loss can happen because of a computer failure, malware attacks, hacking, the closure or disappearance of the cryptocurrency the company of problems in security, losing your private key or a sharp change in value.»

Both bills were proposed soon after the establishment of Unified regulations on virtual currencies (Uniform Regulation of Virtual Currency Businesses Act), published in 2017 as a guide for States seeking to adopt policies and regulations regarding technology. The template was composed of the Uniform law Commission (ULC) is a non-profit Association consisting of 350 members. All of them lawyers by profession, and their goal is the drafting of legislation, clarifying work in areas where local state laws create an unstable situation.

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