Hawaii Announced Cryptocurrency Innovation Lab

Recently the Governor’s office of Hawaii revealed its new ‘ Digital Currency Innovation Lab ‘ on 17th of March which was completely developed with the collaborative efforts between different firms of the states like the Department of Commerce and Consumer Affairs, Division of Financial Institution (DFI) and the Hawaii Technology Development Corporation (HTDC), reported on 19 March 2020.

While as of now it has been decided that this combined initiative will run for 2 years, and while being in the initial stage this initiative will allow the digital currency issuers to do business in the Hawaii area that too without obtaining any necessary permissions and state money transmitter license within the programme pilot period.

Showing concerns over the sandbox-based system Iris Ikeda, Commissioner of Financial Institution in Hawaii, urged that has emphasized that the DFI has issued a no-action message to prevent regulatory recourse for companies operating under their current programme.

While he continued with the statement that “DFI is leveraging its statutory authority to provide an innovative way to introduce digital currency issuers into the State of Hawaii while ensuring the safety of our consumers,”

He also acknowledged that by using digital currencies as a transmission vehicle he would easily be able to craft legislation that is conducive to its development in Hawaii.

While talking about the deadlines the interested companies have the last date of May 1st to engage in the programme and the related firm is also required to pay $500 as an application fee but also an extra amount of $1,000 for there each term of participation.

Despite of having a well versed sandbox programme to test the digital currency the future of the digital currency is still unclear in Hawaii while the site completely addresses that the sandbox was developed keeping in mind the concerns of companies deterred by the double-reserve requirement, it is not clear what Hawaii’s vision for its blockchain and crypto sectors is after the sandbox concludes.

Seeing the most recent activity last week the Rhode Island was also introduced to the regulatory sandbox programme to facilitate innovation within blockchain and cryptocurrency.

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