23 march 2020 by Clementine
The State of Hawaii has relaxed its requirements for crypto-regulations in authorizing the crypto-exchanges to offer their services without license operating.
A policy favorable to crypto-currencies
Regulators in hawaii have taken on new provisions to facilitate the operations of crypto-exchanges. Thus, the State is preparing to introduce a “sandbox” regulation, which allows the services to crypto-trading to operate without a site licence. However, this new mechanism does not apply to all platforms from crypto-trading, in effect, only a handful of companies, “selected” will be exempt from holding a licence for a limited period of two years.
In the framework of the ” sandbox “, the State of Hawaii waives the right to enforce “the requirement to double reserves,” which requires that the crypto-exchanges to hold reserves of liquidity in an amount equal to all of the digital assets held by their users.
The implementation of a sandbox regulatory is part of the objective of the State of Hawaii to ” design a law that is favourable to the development of crypto-currencies “.
Change of orientation in the region
Hawaii would have a crypto-regulations the most stringent in the United Statesaccording to several players in the sector. This hostility against crypto-assets that would have driven many crypto-exchanges in the region, including Coinbase, which would be arrested to serve the State of Hawaii for the past few months due to ” the requirement to double the reserves “.
“In September of last year, the DFI has informed Coinbase that it imposed the obligation of twin reserves which distinguished Hawaii from almost all other american States and that would prevent Coinbase to exercise its activities,” explained Coinbase before departure from the country.
Thanks to the new offensive of charm, which is to relax the laws applied to crypto-exchanges, Hawaii could attract on its territory of new enterprises in the crypto-trading.
What do you think of this regulatory provision ? Give us your opinion in the comments section below.
(Be the FIRST to vote)
Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting. The latest articles by Clementine (see all)