Hawaii passed bills aimed at regulating cryptocurrency

Last week, the Hawaii Senate introduced two bills with the overall focus of defining and including cryptocurrency under the Domestic Remittance Act.

If these laws have real legal force, it will be necessary to obtain a special license to use crypto assets within the state. Before transactions begin, individuals planning to deal with cryptocurrency will be issued a warning.

But not everything is so bad: despite the introduction of control measures, exchanges will not be required to hold reserve cash capital in equal quantities with cryptocurrency intended for clients. Let us recall that a statement from the Hawaii Division of Financial Institutions was previously published. It stated that this requirement would remain unchanged. Because of this, the Coinbase exchange stopped operating in the state.

Both the first and second bills go beyond the scope of the Uniform Virtual Currency Act, which entered into force last year.