Coinbase resumes Cryptocurrency Services in Hawaii seven years after exiting the Market
Coinbase announced that it will start providing cryptocurrency services to residents of Hawaii., seven years after exiting the market.
Aloha, Hawaii.
— Coinbase 🛡️ (@coinbase) August 13, 2024
From Oahu to Kauai, Coinbase is now available to all residents of the Hawaiian islands to buy, sell, and manage crypto.
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According to a post by the company, residents of Hawaii can use Coinbase to send and receive money internationally, as well as buy, sell, and manage their cryptocurrency.
"We are formally entering Hawaii as a result of regulatory modifications made by the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions that offer clarity for cryptocurrency companies," the post added.
The largest US digital asset exchange gave credit for its return to the 1.4 million-person state of Aloha to modifications in local regulatory guidelines. According to Coinbase, beginner users can get access to hundreds of cryptocurrencies on the platform right away, while more experienced traders can take advantage of more sophisticated tools like over 500 spot pairs and APIs.
Coinbase further said in the announcement that it is dedicated to adhering to regulations and that it wants to promote a secure and law-abiding atmosphere for cryptocurrency transactions in the state. It has historically been challenging to run cryptocurrency-related services in Hawaii due to the state's strict regulations for such companies. It is essentially very difficult for cryptocurrency companies to operate in the state due to the state's requirement that cryptocurrency exchanges keep cash reserves equivalent to the value of the digital assets owned by customers.
As part of the Hawaii Digital Currency Innovation Lab pilot program, which was started to do away with the reserve requirement, the DFI loosened these regulatory constraints. As of June 30, Hawaii's Digital Currency Innovation Lab is no longer in operation. According to a Hawaii government release, cryptocurrency companies are still permitted to conduct unregulated business in the state, but they are required to comply with federal licensing and regulatory requirements.
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