THE SENATE

S.B. NO.

2697

THIRTY-FIRST LEGISLATURE, 2022

S.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO VIRTUAL CURRENCY.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


SECTION 1. Section 489D-5, Hawaii Revised Statutes, is amended to read as follows:

"489D-5 Exclusions. (a) This chapter shall not apply to:

(1) The United States or any department, agency, or instrumentality thereof;

(2) The United States Postal Service;

(3) The State or any political subdivisions thereof; [and]

(4) The electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Consumer Financial Protection Bureau Regulation E, by a contractor for, and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof[.]; and

(5) The electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies.

(b) Authorized delegates of a licensee acting within the scope of authority conferred by a written contract under section 489D-21 shall not be required to obtain a license pursuant to this chapter.

(c) For purposes of this section:

"Cryptocurrency" means a virtual currency that uses cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain.

"Virtual currency" means a digital representation of value that is not a real currency that functions as a unit of account, a store of value, and a medium of exchange."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.


 


 

Report Title:

Virtual Currency; Money Transmitters Act; Exclusion

 

Description:

Excludes the electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies from the Money Transmitters Modernization Act. (SD1)

 

 

 

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