Are there any consumer protections related to the sale and use of cryptocurrency?
Yes, Hawaii does have some consumer protections related to the sale and use of cryptocurrency. The Hawaii Uniform Money Services Act (HUMSA) provides certain consumer protections for transactions involving virtual currencies like cryptocurrency. Specifically, the HUMSA requires businesses who exchange, transmit, or store virtual currencies to register with the state of Hawaii. This registration ensures that businesses comply with financial record keeping and reporting, anti-money laundering, and other consumer protections. The HUMSA also provides protection to consumers by requiring businesses to have a dispute resolution procedure in place and by limiting customer liability in case of a loss of virtual currency resulting from a security breach. Additionally, any transactions involving virtual currency must be conducted in U.S. dollars and may not exceed $1,000. This protects consumers from potential fluctuations in the value of virtual currencies. Finally, businesses must display a warning to customers that virtual currency transactions may not be subject to the same consumer protections as those related to traditional currencies.
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