DCCA Press Release: 11 Companies Continue in Hawaii State’s Digital Currency Innovation Lab

Published on Jul 11, 2022 in Latest news from the department, Press room

HONOLULU- The Hawaii Technology Development Corporation (HTDC) and the Hawaii Division of Financial Institutions, Department of Commerce and Consumer Affairs (HDFI) are pleased to announce that eleven companies will continue to participate in the Digital Currency Innovation Lab (DCIL) program. The new two-year duration of the program began on July 1, 2022 and will run until December 30, 2024. Companies that will continue their participation include Apex Crypto, BitFlyer, BlockFi, Nalu Cloud, Coinme, ErisX, Flexa network, Gemini, River Financial, SoFi, and Defend.

“The decision by the majority of companies to continue their participation speaks to the immense value of being part of DCIL and the ability to conduct business in Hawaii, legitimately,” said Iris Ikeda, Commissioner of Financial Institutions. , HDFI. “Through DCIL, we will continue to study the effects and implications of digital currency transactions on Hawaii residents,” Ikeda said.

In March 2020, with the launch of DCIL, Commissioner Ikeda issued a ‘no action message’ meaning that no action will be taken against any company conducting what HDFI would consider money transfer activity without a license, if the company is successfully admitted to the pilot project. program. This will be applied to the extended DCIL program.

“We are excited to be able to build on the momentum we have created for the state over the past two years,” said Len Higashi, Acting Executive Director, HTDC. “This will provide us with opportunities to engage more fully with existing businesses and benefit from the economic growth prospects for Hawaii offered by the ability to be part of the crypto community,” Higashi continued.

The sentiment is echoed by the only Hawaii-based company admitted to DCIL, Cloud Nalu. “This is a good step forward for innovation in Hawaii. It provides our company with a clear path to continue developing bitcoin software that empowers Hawaii residents and businesses to efficiently and securely access bitcoin as a tool for building long-term wealth, making more efficient payments and upgrading our energy infrastructure,” said Liam Grist. , CEO and Founder of Cloud Nalu.

“Gemini applauds DFI Hawaii and HTDC’s ground-breaking decision to extend the Digital Currency Innovation Lab (DCIL) for an additional two years. The DCIL will enable Hawaii residents to continue to access crypto services in a robust framework and will foster economic growth and innovation. Gemini looks forward to continuing to be a premier DCIL participant and providing a secure crypto services platform to Hawaii residents,” said Ji Kim, Head of Policy and Regulatory Affairs.

A member of DCIL, Flexa is excited for the opportunity to continue enabling Hawaii residents and businesses to execute fast, fraud-proof digital currency transactions. “Hawaii has led the country in exploring collaborative and robust regulatory frameworks for the digital asset industry, and we look forward to the continued growth of the ecosystem under the DCIL to pave the way for other states to follow. in the future,” shared Trevor Filter, Co-Founder of the crypto-payments platform.

DCIL will admit new businesses when it opens its new application round in the third quarter of this year. For updates, visit the DCIL website at www.htdc.org/digital-currency-innovation-lab.

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Media contacts:

Sheela Sharma
Information Specialist
Department of Commerce and Consumer Affairs
[email protected]
(808) 586-5967

Ellen Ng
Economic Development Specialist
Hawaii Technology Development Corporation
[email protected]
(808) 539 3839