US, WASHINGTON (ORDO NEWS) — As part of the ” Digital Currency Innovation Lab ” initiative, the US state of Hawaii is easing its regulations for companies specializing in cryptocurrency.
According to a statement from the Hawaii Department of Commerce & Consumer Affairs, the Hawaiian government launched its “first digital currency pilot program” on Tuesday.
The initiative is expected to help the central Pacific volcanic archipelago once again attract crypto-startups, most of which have fled to more lenient jurisdictions following the introduction in 2017 of the “double reserve requirement”, Requiring companies operating with digital assets to hold a reserve of the same value in fiat money (dollar).
From now on, specialized companies will be able to benefit from a “stay” of 2 years before having to comply with regulatory requirements, and in particular the double reserve.
With the Digital Currency Innovation Lab, Hawaii can position itself at the forefront of financial technology and potentially reap the economic benefits that accompany the leadership position adopted,” said Len Higashi, Acting Executive Director of the Hawaii Technology Development Corporation.
The document specifies that the actors will be “carefully examined” before being authorized in order to ensure consumer protection.
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