RELATING TO DIGITAL CURRENCY.

SB 362 clarifies that Hawaii’s existing Money Transmitters Modernization Act (Chapter 489D, HRS) applies to digital currency companies and their activities. It directly affects businesses operating digital currency exchanges, wallets, or payment services by requiring them to comply with the same regulatory framework as traditional money transmitters. The bill’s key mechanism is extending current licensing, reporting, and consumer protection rules to cover digital currency operations without creating new requirements. This ensures digital currency providers operate under the same oversight as other money service businesses in Hawaii.