Coinbase, the largest publicly traded crypto exchange in the U.S., has officially launched its services in Hawaii.
This action comes in the wake of recent regulatory adjustments made by the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions, which have clarified things for cryptocurrency companies doing business in Hawaii.
Due to new laws requiring cryptocurrency companies to get a license and keep fiat reserves, or “permissible investments,” equal to all cryptocurrencies held—a requirement exclusive to Hawaii—Coinbase departed Hawaii in 2017.
Nevertheless, this requirement has been removed, and cryptocurrency businesses can operate in Hawaii without a state money transmitter license. Through Coinbase’s platform, citizens of Hawaii can now purchase, sell, and manage cryptocurrency.
This gives them access to a variety of digital assets and services, such as price tracking, foreign asset transfers, and recurring buys.
Additionally, Coinbase provides staking services that allow customers to keep USDC and earn up to 5.20% in rewards in addition to up to 12% APY on a selection of assets.
The expansion is significant, according to Coinbase’s Chief Policy Officer Faryar Shirzad, who also emphasized that it shows the company’s dedication to compliance and offers safe, user-friendly cryptocurrency services domestically and abroad. Shirzad said:
“We’ve worked diligently with local authorities to ensure we can enter the Hawaii market, and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all”
Shirzad underlined that Coinbase’s goal to expand economic freedom worldwide includes this Hawaii launch as a significant milestone.
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