Hawaii Lawmakers Rally Against Regulations on Crypto Trading

Source : coinquora.com

  • Hawaii lawmakers pushed for the state to become more crypto-friendly.
  • The legislators think the state has the worst crypto environment at the moment.
  • The new measure will see Hawaii create new rules for regulating and licensing crypto firms.

Cryptocurrency trading in Hawaii has been a topic of much concern and priority among the government, lawmakers, and crypto enthusiasts. Crypto firms in the state are hitting hard against government regulations and licenses, and some lawmakers are in support of them.

State Senator Bennette Misalucha is among those advocating for the state to consider changing its rules concerning crypto regulation and licensing. This is due to existing laws not favoring the crypto firms and investors as the companies exchanging US dollars for crypto cannot operate in the state.

If you look at the worst cryptocurrency environment, one of which would be Hawaii. For instance, there is a rule that says for every dollar that’s invested, you have to have reserves. And so for many companies, they may not want to bother with Hawaii, right? Because it’s a small market.

To add, the Hawaii government placed numerous restrictions on cryptos and is even termed “one of the hardest states to trade cryptocurrency.” However, Tech expert Ryan Ozawa noted that the state and lawmakers have attempted to fix crypto laws, but failed to nail it.

Earlier, the state started a Digital Currency Innovation Lab to erase the need for a state money transmitter license for cryptos. However, crypto traders have to stick to some other sections of money transmitter laws.

Currently, the Digital Currency Innovation Lab’s team is working on a pilot project that will help crypto companies to operate in the state. Moreover, this project saw nearly 70,000 Hawaii residents participate in over a billion transactions.

According to investment adviser Kaleialoha Cadinha-Pua’a, cryptocurrency, unlike other currencies, is not stable and is volatile in all respects. For this reason, he says that puts him away from recommending cryptos.