Thanks to the approval of participation in the regulatory sandbox, several large cryptocurrency firms will be able to work in Hawaii at once, including ErisX, bitFlyer USA and the Gemini exchange.
The regulatory sandbox was named the Digital Currency Innovation Lab and was an initiative of the Hawaii division of financial institutions and the Hawaii technology development Corporation. It was launched back in March and allows cryptocurrency firms and other companies working with digital currencies to provide services to residents of the state.
It is worth noting that Hawaii is one of the most unfavorable us States for working with cryptocurrencies. Back in 2017, the local regulator required cryptocurrency companies to keep cash reserves equal to the cryptocurrency assets of customers in terms of US dollars. After that, the Coinbase exchange announced its departure from the state and still does not serve the residents of Hawaii.
Recall that in January of this year, the bill SB2594 appeared in Hawaii, which proposes to allow local banks to store “digital securities”, “virtual assets” and other “tokens of open blockchains”.