A Regulatory Sandbox for a Cryptocurrency Company will be Launched in Hawaii

The government of an American state Hawaii is planning to launch a regulatory “sandbox” for companies, issuing and working with digital currencies.

The official statement says about the “Digital Currency Innovation Lab” creation. Under this two-year initiative, companies, issuing cryptocurrencies, will be able to work in Hawaii without a state license for financial services.

The State Governor notices that he hopes to get a broader picture of digital currencies and their possibilities during a state of “sandbox”. In the future digital currencies in Hawaii may be legalized.

“Information, getting during the initiative, will help us to define the future of digital currencies in Hawaii”, the statement says.

Companies will be able to make their applications since May 1, 2020. However, for the application’s approval, each company needs to demonstrate both high financial knowledge and technologies and to have the necessary capital.

This program is the result of cooperation by the Ministry of Trade, FID and Hawaiian Technology Development Corporation. Furthermore, the companies, taking part in the “sandbox”, won’t be under a regulatory investigation in case of any breaches.

We recall that in this January several Hawaiian legislators offered some local banks to save “digital stocks”, “virtual assets” and other “open blockchain tokens”.

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