RATE Group | Hawaii Set to Introduce Regulatory Sandbox for Cryptocurrency Companies
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Hawaii Set to Introduce Regulatory Sandbox for Cryptocurrency Companies

20 Mar Hawaii Set to Introduce Regulatory Sandbox for Cryptocurrency Companies

Posted at 06:27h in Cryptocurrency News by

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Financial regulators in Hawaii have introduced a regulatory sandbox for cryptocurrency businesses in the State as a way of developing clear-cut laws for the emerging digital economy.

Two-Year Sandbox for Cryptocurrency Firms in Hawaii

Hawaii’s governor’s office released a press statement on Tuesday (March 17, 2020) announcing the creation of the regulatory sandbox for cryptocurrency firms. The new regulatory sandbox is the direct result of the collaboration between the Division of Financial Institutions (DFI) — the State’s financial regulators, and technology stakeholders.

Commenting on the decision, Iris Ikeda, Hawaii’s Commissioner of Financial Institutions, remarked:

“DFI is leveraging its statutory authority to provide an innovative way to introduce digital currency issuers into the State of Hawaii, while ensuring the safety of our consumers. By acknowledging digital currencies as a transmission vehicle of the future, we will be able to craft legislation that is…

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