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.
You May Also Like
Regulation of cryptocurrencies in the EU using the example of Greece
We continue the series of publications on the legal status of cryptocurrencies in the EU zone. Today the object of our research is Greece. A country that will very soon be chosen for so-called bitcoin tourism.
Italy is among the top five EU countries that have decided to introduce cryptocurrency regulation
We continue the series of publications on the legal status of cryptocurrencies in the EU zone. Today the object of our research is Italy. Let’s try to figure out why this particular country can become a kind of separate testing ground on which the regulatory mechanism in the field of cryptocurrencies will be tested for the entire EU zone.
