Gabung/ Daftar

Coinbase Returns to Hawaii as State Relaxes Crypto Regulations

2024/08/14 08:42

Mengikuti

Hawaii residents can once again access Coinbase’s services after the state revised its cryptocurrency regulations. Coinbase had exited Hawaii in 2017 due to stringent requirements imposed by the state’s Division of Financial Institutions (DFI), which mandated one-to-one reserves of fiat currency for all crypto held on exchanges.

Regulatory Changes Pave the Way

Faryar Shirzad, Coinbase’s chief policy officer, announced the company's return, crediting recent regulatory changes for allowing the platform to re-enter the Hawaiian market. This shift marks a significant development for Hawaii's residents, who have been largely excluded from mainstream cryptocurrency exchanges since 2017.

Past Challenges for Crypto Firms

When Coinbase first pulled out of Hawaii, it cited the state's requirements as "impractical, costly, and inefficient." The need to maintain redundant dollar collateral for each customer’s cryptocurrency made it financially untenable for many exchanges to operate in Hawaii, leading to an exodus of crypto services from the state.

Pilot Program and Legislative Efforts

In the intervening years, Hawaii attempted to clarify its regulatory stance on cryptocurrencies through various legislative efforts, none of which reached fruition. However, a pilot program was established, temporarily allowing certain exchanges to operate with exemptions from the DFI. This program ended on July 30, following a January announcement from Governor Josh Green.

Hawaii Crypto Liberation

With the lifting of Hawaii’s stringent licensing requirements, Coinbase and other crypto firms like Robinhood have resumed operations in the state. Coinbase's return is seen as a positive step, with the company praising the state's new approach as aligning with its goals of maintaining a safe and compliant environment for users.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

Tambahkan komentar

Gabunguntuk meninggalkan komentar Anda yang luar biasa…

0 Komentar

paling awal

Muat lebih banyak komentar