March 27, 2023

In Hawaii will launch a regulatory "sandbox" for cryptocurrency companies

The authorities of the US state of Hawaii plan to launch a regulatory "sandbox" for companies producing and working with digital currencies.

The official statement says the creationDigital Currencies Innovation Lab, a two-year initiative in which digital currency companies can operate in Hawaii without a government license to provide financial services.

The state governor emphasized that duringactions of the sandbox, he hopes to gain a wider understanding of digital currencies and their capabilities. Moreover, in the future, in Hawaii, digital currencies can be legalized.

“The information that we will receive during the initiative will help us determine the future of digital currencies in Hawaii,” the statement said.

Companies will be able to apply for participation already fromMay 1, 2020. However, to approve the application, firms need to demonstrate high knowledge of both finance and technology, as well as possess the necessary capital.

The program was the result of cooperationDepartment of Commerce, Department of Financial Institutions, and Hawaiian Technology Development Corporation. At the same time, companies participating in the “sandbox” will not fall under the investigation of regulators in the event of any violations.

Recall that in January, several Hawaiian lawmakers proposed allowing local banks to store “digital securities”, “virtual assets” and other “open blockchain tokens”.