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Will Cryptocurrency firms head to Hawaii following the reveal of the ‘Digital Currency Innovation Lab’?

Will Cryptocurrency firms head to Hawaii following the reveal of the ‘Digital Currency Innovation Lab’?
  • Recently revealed this week from the governor's office in Hawaii, was the ‘Digital Currency Innovation Lab’. 
  • This is a blockchain and cryptocurrency incubator developed via a collaboration between the state's Department of Commerce and Consumer Affairs, Division of Financial Institution and the Hawaii Technology Development Corporation.

Recently revealed this week from the governor's office in Hawaii, was the ‘Digital Currency Innovation Lab’. This is a blockchain and cryptocurrency incubator developed via a collaboration between the state's Department of Commerce and Consumer Affairs, Division of Financial Institution and the Hawaii Technology Development Corporation.

This initiative is going to be running for two years and will allow for “digital currency issuers to do business in Hawaii without obtaining a state money transmitter license during the effective period of the pilot program.”

Thanks to the program, Hawaii is hoping to “achieve a more in-depth perspective of digital currency”. On top of this, they aim to inform on the future regulation of cryptocurrency in the state.

The Commissioner of financial institutions in Hawaii, Iris Ikeda has made it very clear that the DFI has issued a no-action message in order to prevent different businesses from operating under the sandbox who engage in unlicensed money transferring activity.

Ikeda said the following on the matter:

“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… By acknowledging digital currencies as a transmission vehicle of the future, we will be able to craft legislation that is conducive to its development in Hawaii.”

It will be interesting to see how this situation plays out. For more news on this, the Bitcoin Price and other crypto updates, keep it with CryptoDaily!

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