The state’s two main committees, Commerce and Consumer Protection (CPN), and Ways and Means(WAM), approved the creation of a unit called Blockchain and Cryptocurrency Task Force. This division will oversee the local digital asset market and investigate the potential employment of cryptocurrency.
Hawaii Wants to Regulate Crypto
The two committees addressed a letter to Ron Kouchi, Hawaii’s President of Senate. They highlighted the “emerging popularity and growth” of cryptocurrency over the past few years. The agencies claimed that there is not enough regulation of the industry.
Both committees believed in the future asset class and approved the creation of a special unit called Blockchain and Cryptocurrency Task Force.
“As there are vast opportunities for regulation and use of cryptocurrency and blockchain technology, it is in the best interests of both the State and its citizens to decide whether or not to regulate the industry.”
The Task Force will create a “master plan to explore regulation and use of digital assets” and blockchain technology. It will have to adhere to several important rules.
It will need to examine data and other aspects of blockchain adoption and develop a plan to increase its use in the public and private sectors.
The division will include 11 members: Donovan Dela Cruz (a member of Democratic party), Gilbert Keith-Agaran, serving in the Senate of Hawaii), Sharon Moriwaki and other politicians.
As the number of crypto investors in Hawaii grows, trading with digital assets is legal in Hawaii. A recent survey found that Dogecoin is the most widely used token among Hawaiians.
Crypto Units All Over the Globe
In the crypto world, such divisions are not new. The European Union, which is known for its negative views on crypto, announced in July that it would establish a new department to monitor and combat money laundering, terrorist financing, as well as monitoring for cryptocurrency crimes.
A few months later, Nigeria’s monetary watchdog, the Securities and Exchange Commission Nigeria (SEC Nigeria), established a fintech unit to help regulate the local digital assets ecosystem. Lamido Yuguda – SEC Nigeria’s Director-General – said:
“We are monitoring this market to determine how regulations can be created that will protect investors’ investment in blockchain.”
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.