Hawaii lawmakers urge easing of cryptocurrency company requirements

Hawaii’s Department of Commerce and Consumer Protection must review the requirements for virtual asset service providers (VASP). This was заявили члены Палаты представителей штата от Демократической партии.

Currently, crypto firms are required to hold reserves equal to the value of clients’ digital assets. Legislators called this rule “too burdensome” for VASPs and urged its repeal.

“Reserve requirements that Hawaii applies to firms dealing with digital assets do not align with the provisions of other states,” the document states.

In 2017, the Bitcoin exchange Coinbase halted services for customers in Hawaii. In the platform’s view, the regulator’s reserve requirements created an insurmountable financial burden for the company.

In March 2020, Hawaii launched the pilot program Digital Currency Innovation Lab, under which businesses could issue digital assets without a license to provide payments services.

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