State announces extension of digital currency innovation lab

HONOLULU (HawaiiNewsNow) - The Department of Commerce and Consumer Affairs announced a two-year extension of the Digital Currency Innovation Lab on Thursday.

Officials said the lab is set to stay open through June 2024.

The pilot program is a joint effort to gauge public interest in crypto as well as ease entry into the marketplace, said the department.

The program was initially scheduled to close down at the end of June due to a bill that called for the licensure of digital currency companies, the partnership said.

But they said the extension came at the most crucial time.

“We are relieved for the opportunity to extend the [digital currency innovation lab] for participating companies and consumers,” said Financial Institutions commissioner Iris Ikeda. 

“A number of puzzle pieces had to fit together in order to make the it happen, but I am glad we are able to pull it off,” said Commissioner Ikeda.

The partnership said the innovation lab has proven itself to be an economic driver, bringing a lot of potential for the future of Hawaii.

They said digital companies can conduct business in Hawaii without a state money transmitter license after being admitted into the program.

For more information about the program, click here.

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