Hawaii has issued new regulations that favor cryptocurrency companies. Now, exchanges will be able to operate on the island without a money transmission license.
Hawaii and the New Regulation Embracing the Crypto Industry
Hawaii Releases New Regulations That Cover Crypto Industrysupport businesses.
From what has been reported, it seems that now, crypto companies like exchanges, will be able to operate on the island without a money transfer license.
In practice, under state law, the operations of cryptocurrency companies do not necessarily have to be classified as money transfers.
It was created by the Department of Commerce and Consumer Affairs, Division of Financial Institutions (DEFI).
Thanks to this new regulation in favor of the cryptocurrency sector, companies like Trasnask are already develop main offices in Hawaii. In this regard, Bryan KeaneTransak’s US compliance officer, said:
“Hawaii’s recent regulatory decision paves the way for a major hub for cryptocurrencies to emerge. The state’s interpretation of money transmission in relation to cryptocurrencies lays the groundwork for broader adoption, aligned with the region’s enthusiastic and growing Web3 community.”
Hawaii Backs Cryptocurrency: Regulation to Become a Global Industrial Hub
The aim of this new regulation is to to become a global hub for the cryptocurrency industry.
In fact, major companies like Coinbase, MetaMask and BitPay have been attracted by the welcoming regulatory environment.
It is no coincidence that, without the need for licenses, crypto companies become freer to offer users a greater number of services.
This solution is based on past tests. In fact, in 2020, the Hawaii Tech Dev Corp had announced that 12 crypto exchanges participate in island pilot program would be able to operate without a license for two years.
The crypto exchanges were Apex Crypto, BitFlayer USA, BlockFi Trading, CEX.io, Cloud Nalu, Coinme, ErisX, Fiexa Network, Gemini Trust Company, Novi Financial, River Financial, and Robinhood Crypto.
This pilot program, which ended on December 31, 2022, appears to have given Hawaii the opportunity to formalize the new regulations for all crypto businesses.
The case of the United Kingdom
Besides Hawaii, many countries are deciding to open up to crypto also at the regulatory level.
Recently, in the United Kingdoma new bill was presented to Parliamentwhich clarifies the legal status of cryptocurrencies and their regulation.
The proposal aims to Treat crypto as personal propertyincluding all digital assets such as Bitcoin and altcoins, tokens and NFTs.
