March 23, 2023

Hawaii Launches Regulatory Sandbox for Digital Currency Issues by Business

Hawaii authorities launch pilot program that allows companies to issue digital currencies without obtaining a license to provide payment services.

According to a press release, an initiative calledDigital Currency Innovation Lab is designed for two years. The state authorities expect that the data obtained will help to develop legislative standards for future activities in the field of virtual assets.

“By recognizing digital currencies as a means of transferring value in the future, we will be able to develop legislation conducive to their development in Hawaii,” - said the head of the financial regulator of the state.

To participate in the program, companies must have the necessary capital, financial and technical knowledge. The regulator will not classify their activities as unlicensed during the term of the initiative.

Earlier in Hawaii, they introduced a draft law that would allow banks to store digital currencies.