Mon, July 22, 2024

Hawaii Wants to Attract Crypto Companies

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Crypto-related companies continue to attract unwanted attention from governmental organizations in different parts of the globe. Last year, Facebook’s CEO Mark Zuckerberg had to defend the digital currency project Libra in front of U.S. lawmakers. This is just one example, but it shows that authorities have the ability to derail many crypto-related projects.

However, a number of states across the U.S. have a different approach when it comes to crypto companies. For instance, the state of Hawaii, more precisely the governor’s office made an important move.

Several days ago, Hawaii Technology Development Corporation (HTDC) in cooperation with the state Department of Commerce and Consumer Affairs, Division of Financial Institution (DFI) launched a digital currency sandbox. Importantly, the “Digital Currency Innovation Lab” will run for two years.

Crypto-related companies will be able to do business in Hawaii without obtaining a state money transmitter license.

Furthermore, this program will enable, the state of Hawaii to gather information about the digital currency. This program will also affect the future of crypto regulations in Hawaii.

Crypto companies and aloha stateHawaii and digital currency sandbox

Iris Ikeda, Hawaii’s commissioner of financial institutions, said DFI issued a no-action message to prevent regulatory recourse for companies. Thus, they do not have to worry about potential issues related to unlicensed money transmission activities.

The representatives of crypto-related companies should keep in mind that to take part in this program they have to submit an application until May 1. Moreover, companies must pay a $500 application fee as well as $1,000 for each term of participation.

In 2017, the aloha state introduced the double-reserve requirement. Most blockchain companies left the state, including crypto exchange Coinbase.

The smallest U.S. state by area Rhode Island introduced a regulatory sandbox. The purpose of this sandbox is to facilitate innovation within blockchain and cryptocurrency.

Time will show whether the Digital currency sandbox will be enough to attract crypto companies.

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