The Commerce and Consumer Protection Committee (CPN) and the Ways and Means Committee (WAM) of the State of Hawaii have approved the creation of a specialized task force to study and regulate digital currencies.
According to the announcement, a task force will be set up at the Ministry of Budget and Finance to analyze and collect data on cryptocurrencies and blockchain. In the future, the group will be required to present research findings and draft legislation to be applied to the industry at the State Capitol.
In particular, experts need to develop a plan to expand blockchain adoption in the private and public sectors. The state hopes in this way to create a solid base for the regulation of digital currencies and blockchain, which can be used for all future crypto initiatives.
The target group will include 11 people, including representatives of companies specializing in blockchain payments, cryptocurrency exchanges and cryptocurrency associations. The working group will have to submit a report on its research by the next convocation in 2023.
At the beginning of last year, state lawmakers asked the Department of Commerce and Consumer Protection to relax the previously introduced rules for cryptocurrency companies. In particular, to remove the “burdensome” rule, according to which companies trading in digital assets are required to have a reserve stock of fiat money.
In 2020, the state announced that it would launch a regulatory sandbox for crypto companies within two years, in which firms would be able to operate without obtaining a license.
