On 3rd May, Hawaii’s committee of Commerce and Consumer Protection (CPN) and Ways and Means (WAM) gave its consent for a blockchain and cryptocurrency task force.
The document which was addressed to the president of the senate called for establishing a task force to “create a master plan to explore the use and regulation of blockchain and cryptocurrency”.
Despite the emerging growth and the popularity of digital currency, there is little regulation of the
industry. As there is vast potential for both the use and regulation of blockchain technology and cryptocurrency, it is in the interests of the State and its consumers to determine whether or how to regulate and provide oversight to the cryptocurrency industry.
Besides that, the proposed body would review data and other aspects of the blockchain and cryptocurrency industry throughout the state and also plans to expand blockchain adoption in both the private and public sectors.
Further, it requires the task force to submit a report to the Legislature at least twenty days before convening the regular session of 2023.
Hawaii is not so crypto “Aloha”?
Crypto-friendly Senator, Bennette Misalucha called the Western US state as having the “worst cryptocurrency environment”.
Recently, a bill that would have established a program for the licensing, regulation, and oversight of digital currency firms in Hawaii was indefinitely postponed, much to the disappointment of DCIL members.
For those unfamiliar, Digital Currency Innovation Lab [DCIL], is the state’s first pilot program that allows digital currency providers to set shop in Hawaii without having to first obtain a state money transmitter license.
Now that the bill got deferred, the pilot program’s future remains uncertain as it is slated to close transactions for businesses and consumers on June 30, 2022.
Expressing disappointment over the Hawaiian legislature’s decision to set up a task force, Ryan Ozawa, who is DCIL’s community engagement consultant rued that it will “result in more confusion and frustration for everyone who participated in the regulatory sandbox and is now looking at having to close accounts and starting all over.”
A few days ago, TronWeekly published a report detailing Cuba Central bank’s intention to bring crypto service providers under the regulatory horizon by issuing licenses for virtual asset service providers, both Cuban and foreign.