Hawaii, where Coinbase recently withdrew services, has added language to a bill that would exempt virtual currency businesses from it's money transmission laws.

Senate Bill 949 clarifies that decentralized virtual currency activities would not be subject to the Money Transmitters Act.

The bill adds a definition of virtual currency as:

"Decentralized virtual currency" means a medium of exchange that:
     (1)  Does not have legal tender status in any jurisdiction;
     (2)  Does not have a central repository or single administrator;
     (3)  May act as a substitute for, have an equivalent value in, or be converted to or exchanged for legal tender in at least one jurisdiction world-wide;
     (4)  Is electronically transmitted between parties without an intermediary; and
     (5)  Relies on cryptographic software protocols for currency generation and validation of transactions.
The bill then adds two very important amendments. The first being under the definition of "payment instruments" which states virtual currency would not be applicable. It currently reads:

 The term "payment instrument" does not include any credit card voucher, any letter of credit, [or] any instrument that is redeemable by the issuer in goods or services.

The amendment would revise the following:

 The term "payment instrument" does not include any credit card voucher, any letter of credit, [or] any instrument that is redeemable by the issuer in goods or services, or any instrument or order for the transmission, sale, or payment of decentralized virtual currency."

The second amendment of note is the exemptions from money transmission licensing requirements in  Section 489D-5(a):

(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;      (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 sale, receipt, storage, or transfer of decentralized virtual currency; provided that this paragraph shall not affect the status or any obligation under federal law of any person that engages in any transaction or activity involving decentralized virtual currency.

According to the latter, "storage" or "transfer" would not be covered giving Coinbase, and others, a full pass to engage the state in virtual currency transactions.

Like North Carolina, federal MSB registration requirements would still be required, however state licensing would no longer be. In Texas fashion Hawaii would not restrict exchanges, miners, and wallets either making it among the friendliest states in the United States if approved.



Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.



Post a Comment

  1. I was lost with no hope for my husband was cheating and had always got away with it because i did not know how or always too scared to pin anything on him. with the help a friend who recommended me to Cyberpros who help hack his phone,all his social applications, email, chat, sms and expose him for a cheater he is. I just want to say a big thank you to [email protected] you need help with hacking any phone or account or other jobs contact him via email/phone ([email protected]) or +1 916 378 4978 Tell him i reffered you.He will help you

    ReplyDelete
  2. Should you ever require the services of a hacker, i implore you to try your very best to hire only professionals. [email protected] will increase your chances of getting your job completed. i was able to hire the services of an elite, asides the fact that i was provided a permanent solution to the service he rendered me but he gave a very efficient customer experience. he carried me along with every process and didnt leave me in the dark. contact him via email/phone [email protected]

    ReplyDelete
  3. From my experience, some hackers are polite and professional, but lack the skills,
    experience or technology to be worth it for me,I once hired a hacker and
    charged me $400 but could not locate the person who hacked my
    gmail account and sent out personal emails. I then hired Cyberappshacker
    and they identified and located the people behind the hack within
    6 hours at a cheaper price. You can contact them on [email protected] .
    They offer lots of hacking services like
    social media hacks like facebook hacks, kik hacks, bank account hacks, iCloud hacks, whatsapp hacks,
    recover passwords, upgrading school grades and so many hacking services. thank me later!

    ReplyDelete
  4. I have used [email protected] quite a number of times and they have never disappointed me. they do all types of mobile hacks and computer hacks; get unrestricted and unnoticeable access to your partner/spouse/anybody’s facebook account, email, whatsapp, text messages. they also make changes in any database/website such as your college/university grades. Getting the job done is as simple as sending an email to [email protected]

    ReplyDelete
  5. Help me thank hacckintechnology after being scammed of $1500 he helped me find my cheating wife he helped hack her whatsapp gmail and kik and i got to know that she

    was cheating on me , in less than 24 hours he helped me out with everything hackintechnology is trust worthy and affordable contact [email protected] IF U

    Need Any Help ?
    *University grades changing
    *Bank accounts hack
    *Twitters hack
    *email accounts hack
    *Grade Changes hack
    * load bank account any amounts
    *Website crashed hack
    *server crashed hack
    *Retrieval of lost file/documents
    *Erase criminal records hack
    *Databases hack
    *Sales of Dumps cards of all kinds
    *Untraceable Ip
    *Individual computers hack
    *Websites hack
    *Facebook hack
    *Control devices remotely hack
    *Burner Numbers hack
    *Verified Paypal Accounts hack
    *Any social media account hack
    *Android & iPhone Hack
    *Word Press Blogs hack
    *Text message interception hack
    *email interception hack
    - See more at:[email protected]

    ReplyDelete
  6. If you need to hack into any database, delete record, improve credit score, spy on whatsapp, text, phone, emails, as long as it's hack contact jack @via Email :: [email protected] //. Whats-App ::+60167569133 he is great, you won't be disappointed, cheap and fast, he saved my relationship Tell him Loya

    ReplyDelete
  7. My husband was so smooth at hiding her infidelity and I had no proof for months, I saw a recommendation about a Private investigator and decided to give him a try.. the result was incredible because all my cheating husbands text messages, whatsapp, facebook and his phone conversations was sent directly to my Personal computer. Mr James helped me put a round-the-clock monitoring on him and I got concrete evidence and gave it to my lawyer..I say no to infidelity if your husband is an expert at hiding his cheating adventures contact him through Gmail he will help you(Worldcyberhackers) or WhatsApp : +12678773020

    ReplyDelete
  8. i was lost with no hope for my wife was cheating and had always got away with it because i did not know how or always too scared to pin anything on her. with the help a friend IN PERSON OFJOHN who recommended me to who help hack her phone, email, chat, sms and expose her for a cheater she is. I just want to say a big thank you to [email protected] . am sure someone out there is looking for how to solve his relationship problems, you can also contact him for all sorts of hacking job..he is fast and reliable. you could also text +1 669 225 2253

    ReplyDelete
  9. Welcome. BE NOT TROUBLED anymore. you’re at the right place. Nothing like having trustworthy hackers. have you lost

    money before or bitcoins and are looking for a hacker to get your money back? You should contact us right away it’s

    very affordable and we give guarante to our clients. Our hacking services are as follows:
    -hack into any nkind of phone
    _Increase Credit Scores
    _western union, bitcoin and money gram hacking
    _criminal records deletion
    _Hacking of phones(that of your spouse, boss, friends, and see whatever is being discussed behind your back)
    _Security system hacking...and so much more. Contact THEM now and get whatever you want at
    [email protected]
    +16692252253

    ReplyDelete
  10. [email protected] is a faithful hacker and always keeps to there words I got the best from them and am happy with all the results I got from them. Am thankful

    ReplyDelete
  11. I made mistakes by getting married to the wrong woman but am glad I was able to correct this mistakes with the help of [email protected]. with the help of this hacker I found out a lot of truth that has been hidden from me for a while but after spying into her phone I saw that my wife has been cheating on me without another man its so heart breaking but for some reason I feel happy that I am able to come out of the dark all thanks to you [email protected]

    ReplyDelete
  12. I read about [email protected] on the internet, now I know why people write good things about this hacker because for real this hacker gave me the best

    ReplyDelete
  13. Thank you [email protected] for helping me recover my lost Gmail account which was hacked am really happy and grateful

    ReplyDelete
  14. [email protected] is the real plug when it comes to hacking of smart phones this hacker hacked multiple phones for me in less than an hour I got full details of all phones without being traced. I must confess this hacker is everything fast and reliable and I never regretted my contact with this hacker now to you [email protected] am forever my thankful.

    ReplyDelete
  15. You need a hacker to put an eye on your spouse or your children daily activities on there cell phone I advise you go for [email protected] this hacker has been working for me since last year June 8 so I know there abilities I recommend you all to [email protected] you will never regret it thank you

    ReplyDelete
  16. My wife feels I cant by pass any passcode on her phone but I proofed her wrong and hired [email protected] I secretly broke into her phone without any physical access to her phone this is the 9th month since [email protected] helped me in spying on my spouse phone and its gonna expire next month to complete 10 months [email protected] I must say am really blessed to work with you honestly speaking your services are very affordable thank you so so much

    ReplyDelete
  17. With the help of [email protected] I was able to break into mobile phones without being traced. This is my first time hiring a hacker and with the results I got from [email protected] I feel so so happy and comfortable using there services again.

    ReplyDelete
  18. Cant believe my husband has been telling his side chicks that there pussy is better than mine… am so heart broken and when he comes home he tells me am sweeter I caught him red handed with the help of [email protected] it was with this hacker I read all conversations on his phone and I saw that my husband has been a bloody lair and a cheat.

    ReplyDelete
  19. Surprising how I got F in all subjects and now all the F turned to A”s all thanks to [email protected] for removing shame from my face all this were done at a very cheap and affordable price if you need same help in changing of bad school grades just email [email protected] and wait for results thanks .

    ReplyDelete
  20. I just discovered that my husband is a big womaniser with the help of [email protected] after hacking into my husband phone I saw loads of women my husband has been communicating with.

    ReplyDelete
  21. have been with a man that has been married to 5 women just because of his selfish interest with rich women and I didn’t know, God am so so grateful I didn’t fall for all his plans cause I was way to smart that I was able to hire a hacker like [email protected] to work for me and with his help I was able to read all my husband informations on his phone without physical access and that was how I caught my husband trying to play on me also am happy I got loads of proof

    ReplyDelete
  22. For some time now I noticed my wife strange attitude. When I make love to my wife she keeps streaming a particular strange name and I asked her she said its nothing but I suspected that a lot has been going on at my back. I hired [email protected] to help me find out if my wife is seeing someone else at my back and after the phone hack I noticed that my suspicion were all right. Thank you [email protected] my first time working with you was a very big success.

    ReplyDelete
  23. My husband asked me to sleep with his boss just for him to get a contract from his boss. Because I love my husband I made up my mind to do it after I slept with my husband boss and my husband got the contract my husband started giving me distance I kept on asking him what have done to deserve this but yet he wont talk to me, my husband stopped eating my food, stop me from accessing his phone and I became so so worried that I had hire a hacker ( [email protected] ) just to know what is going on with my husband, so this hacker broke into his phone and granted me access to my husband phone i started spying on my husband phone and I found out that my husband has a side chick that his about turning to his wife after all i have done for my husband and this is what I get in return well for you [email protected] am glad I came in contact with you, you are really the best out there thanks for the wonderful services.

    ReplyDelete
  24. My dad brought in his side chick into the house while my mom was on a business trip that would take 3 months for her to come back and if I had called my mom and told her she would never want to believe me so I needed proof of the whole situation which then made me hired [email protected] to help me hack into my dad phone, in less than 2 hours I got results on my phone and I had to go through my dad conversations with his side chick though all there text messages, WhatsApp messages, call logs, Instagram messages and many more were all deleted by my dad but I saw a file tagged deleted messages and I clicked on that file behold all my dad deleted conversations with his side chick appeared In that file including his side chick nude pictures and videos were all there, I wont lie I feel so disappointed at my dad but with this proof I will get justice for my mom…. To all men out there cheating on there wife [email protected] will always fish you out all thanks to you [email protected]

    ReplyDelete

Powered by Blogger.