Last week the Hawaiian Senate introduced two bills which are aiming to define and include cryptocurrencies within domain of the state's Money Transmitters Act.
If passed, two bills, HI SB2853 and HI SB3082, would require a license to transmit cryptocurrencies. According to those two bills, persons or businesses must issue a warning to consumers prior to enabling such transactions.
Nevertheless, the legislation exempts exchanges from section 489D-8 of the Act, mandating money transmitters to maintain reserved cash which is equal to the virtual funds.
However, the bill HI SB3082 warns that cryptocurrency is not backed by any government. The cryptocurrency can potentially be lost due to a computer failure, malicious software attack, lack of security, loss of a private key, change in value or closure of a cryptocurrency exchange company.
Both bills were published in 2017 as a guide for states in order to enact policies to this new fast-developing technology.