Hawaii Heading for Crypto Business Development
Hawaii has every chance of becoming a new center for the development and popularization of cryptocurrency. On March 17, the 50th US state presented an unprecedented decision to create a new “sandbox” for digital currency. This program is focused on the development of cryptocurrency companies and is designed for the long term. If this initiative is implemented following the stated goals, Hawaii may claim to be a leader in the implementation of digital assets in the United States.
How will Hawaii attract cryptocurrency companies?
The impetus for the popularization of cryptocurrency in Hawaii was a program called the “Laboratory for Innovation in Digital Currency”. The initiative was prepared by experts from leading government financial institutions. The good news for the crypto community was announced by state governor David Ige on March 17. He noted that the state is joining digital currency support.
According to preliminary data, it will take 2 years to implement the sandbox initiative. It is expected that over this period, rules will be developed aimed at regulating the work of cryptocurrency companies.
Great news: according to this initiative, cryptocurrency companies can operate without a license to conduct transactions over the next 2 years.
But not all companies will be able to fall under the “sunny spot”. According to the initiative, each cryptographic company will be analyzed for corporate ethics, compliance with and protection of consumer rights, experience in providing services, the availability of registered capital and a system to eliminate the risks of data theft.
You can apply for participation in the initiative until May 1, inclusive. The issue of making mandatory contributions to participate in the program is currently being discussed. Companies are expected to contribute $500 to register. It is also expected to introduce additional contributions of $1,000 to extend the term of participation in the program.
Hawaii at the state level can become an adherent of cryptocurrency
The cryptocurrency business is not a new phenomenon for Hawaii. Here before there was no ban on the activities of these companies, but they were in a tight framework and depended on the mood of the government. In particular, many large companies ceased operations in the state due to policies that contradicted them. A striking example of this is the requirement of the government that cryptocurrency companies store the amount of cash that corresponds to the amount of cryptocurrency that is in the hands of their customers.
HTC Acting Executive Director Len Higashi sees great promise in the development of the crypto business in Hawaii. He is confident that the previous experience in implementing cryptocurrency companies can be used as lessons to prevent mistakes in the future.
“Hawaii can become a leader in the field of digital technology and, accordingly, receive all the economic benefits that are rightfully owned by leaders”
The implementation of the sandbox initiative should become the foundation for developing a friendly policy with the crypto business. Very soon, we can see how Hawaii will open a new phase in the popularization of cryptocurrency.