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Digital Currency Innovation Lab

The Digital Currency Innovation Lab (DCIL) is a 2-year pilot program by the State of Hawaiʻi, formed through a partnership between HTDC and the Hawaiʻi Division of Financial Institutions (DFI). Launched in August 2020, it allows participating digital currency issuers to do business in Hawaiʻi without obtaining a state money transmitter license. This program is expected to:

  • Create economic opportunities for Hawaiʻi through early adoption of digital currency
  • Offer consumer protection by providing guidance to issuers of digital currency
  • Provide data to shape legislation supporting digital currency

The lab was originally scheduled to operate until June 30, 2022, but has been extended to June 30, 2024. 11 companies will remain in the DCIL and continue to serve Hawaiʻi’s residents. Read the press release for more detail.

Participating Companies

There are a total of 11 cryptocurrency-based companies in the DCIL, ranging from exchanges to brokerages, payment platforms and ATM networks.

See Participating Companies

Economic Activity

Click on each image below to see a snapshot of digital currency activity for customers in Hawaiʻi.

Digital Currency Innovation Lab Statistics
DCIL data August 2020 through September 2022
DCIL data Q4 2022 through Q3 2023

News

Disclaimer

1. No acceptance of application shall be perceived as, or constitute any endorsement of an applicant. No denial shall be perceived as, nor constitute any repudiation of an applicant. Applications which have potentially predatory, unfair, or deceptive features, pose undue risks to consumers, or institutions, or are inconsistent with the policies of this program, will not be permitted into the program. HTDC does not approve, endorse, nor prioritize any particular applicant within this program.

2. Application approval is at HTDC’s discretion. Applicants do not have any rights or privileges. HTDC has the full discretion to accept or reject applications and there is no right to due process in this program. There is no contested case or appeals process, and no contractual rights or contractual remedies.

3. HTDC has the authority to suspend, revoke, and/or terminate any application or participation in the program on any, or even no, basis. No explanation is required. HTDC is not subject to any prior precedent, reliance, or guarantee.

4. Data, Privacy, Confidentiality and Limitation of Liability. This application form is provided for government-authorized use only. Unauthorized or improper use of the system the application form resides on may result in civil and criminal penalties. By submitting this application form, the PARTICIPANT understands and consents to the following:

A) The PARTICIPANT has no reasonable expectation of privacy regarding any communications or data transiting or stored on this information system; and is hereby notified that any information provided could become publicly available data.

B) HTDC is a government entity and subject to applicable Freedom of Information Act and Uniform Information Practices Act provisions. Therefore, it might be required to disclose documents if requested; and it may disclose information to other government agencies, as provided by law. However, any documents or data made or received by any member or employee of the corporation shall not be a public record to the extent that the material or data: (1) Consists of trade secrets; (2) Consists of commercial or financial information regarding the operation of any business conducted by the applicant for, or recipient of, any form of assistance HTDC is empowered to render; or (3) Relates to the competitive position of that applicant in a particular field of endeavor.

C) Limitation on Liability. Chapters 661, HRS, or any other law to the contrary notwithstanding, the PARTICIPANT does not have any obligation, debt, claim, cause of action, claim for relief, charge, or any liability of any kind whatsoever in favor or any person or entity, against the State, HTDC, its board members, or its officers or employees, without regard to whether that person or entity receives any benefits under this chapter. The State, HTDC, and its officers and employees shall not be liable for the results of any investment, purchase of securities, loan, transaction or other assistance provided pursuant to HTDC’s actions.