Today, we are proud to announce that River Financial can now serve Hawaii residents, making us the first company to legally operate in the state of Hawaii. Until today, virtual currency companies could not operate within the state's regulatory framework.
In partnership with the Hawaii Division of Financial Institutions, the Hawaii Technology Development Corporation has organized a regulatory sandbox program, the Digital Currency Innovation Lab (“DCIL”), to position the state at the forefront of innovation around digital assets. River Financial is proud to be included in the first group of companies participating in this sandbox program.
We are incredibly excited to bring the best of Bitcoin to the residents of Hawaii, many of whom have long awaited this day. River Financial’s participation in the DCIL regulatory sandbox program will play a crucial role in shaping the State’s long-term regulatory framework for digital assets.
The sandbox program will provide the state’s regulators and legislators with a stronger understanding of digital assets. Throughout the program, the DFI will have regulatory oversight of River Financial which will include quarterly reporting, among other requirements. The application process for this program involved a substantive review of River’s operations including the business model, anti-money laundering controls, financial reporting practices, and other risk management controls.
For the residents of Hawaii, this regulatory milestone unlocks access to the easiest way to buy, sell, and use Bitcoin. Read our press release to learn more about how River Financial and the State of Hawaii are working to push Bitcoin forward.
