Sirlibz
Hawaii has allowed 12 cryptocurrency firms to operate within the island state without getting licenses such as Money Transmitter licenses. Cryptocurrency exchanges such as BitFyer, Robinhood crypto, Gemini and Upstart River Financial are among the 12 crypto businesses allowed.
The state of Hawaii had earlier in March announced a sandbox for digital currency and it was stated that the selected companies would have the essential capital, financial and technical expertise to conduct business in the state. The sandbox will help “guide legislation and determine the future of digital currency activity in Hawaii – Hawaii’s Department of Commerce and Consumer Affairs stated.
The 12 companies would be participating in a 24 months (2 year) pilot sandbox program organized by Hawaii’s Digital Currency Innovation Lab in partnership with the Hawaii’s Division of Financial Institutions (DFI).
“We are extremely excited to be one of the first Bitcoin businesses to legally operate in the great state of Hawaii. This is a huge regulatory milestone,” said River Financial CEO Alex Leishman in a statement.
Joel Edgerton, COO of bitFlyer USA said in a statement: “We are happy to partner with the State of Hawaii to bring our world class services here. Now residents in Hawaii have access to a trusted, licensed exchange to support their Bitcoin and cryptocurrency trading.”
