Hawaii to consider a bill allowing banks to work with digital assets

Hawaiian lawmakers have submitted a draft law that will allow banks to work with digital assets.

The bill, SB2594, provides that financial institutions will be able to offer their clients custody services for virtual currencies, tokens, digital securities and other similar assets.

If the law is adopted, banks will be ableuse the available custodial service, which can be launched 60 days after the date of document approval. However, they will additionally need to hire an independentan auditor to verify digital accounts and pay an annual fee of $ 1.

Clients will be able to authorize financial institutionscarry out various operations with their digital assets, but for this they will have to agree with the version of the source code of the protocol used by the bank.

The problem is that adopting an appropriateThe law does not guarantee that banks will begin to offer a new type of service, since they will need to have fiat reserves equal to the volume of digital deposits. In 2017, this was the main reason for the closure of cryptocurrency companies.

Banks are starting to realize that cryptocurrenciesare an integral part of the future, so they are gradually beginning to integrate solutions for their safe storage. One example is the Dutch financial conglomerate ING.

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