Hawaii Opens Regulatory Sandbox for Digital Currency Issuers

Hawaii Government Announces Regulatory Sandbox for Digital Currency Companies.

Hawaii Opens Regulatory Sandbox for Digital Currency Issuers

The two-year initiative will allow issuers to operate in the state without a special government license to transfer funds. According to the governor, «Digital Currency Innovation Lab» should help government officials better understand the functioning of this asset class and make the necessary changes to the legislation.

The information collected will also be used to determine the future of digital currencies in Hawaii..

The State’s Financial Institutions Authority has issued an official Notice of Inaction, so any companies participating in the program will be able to legally provide money transfer services without a license. However, for accreditation, participants will have to undergo financial and technical expertise, as well as have the necessary capital. Applications from those who wish are accepted until May 1, 2020.

Shortly before this announcement The central bank of Sweden offers to launch an international hub for the research of digital currencies.

text: Ivan Malichenko, photo: GettyImages

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