Cryptocurrency Regulation Changes Allow Coinbase Back into Hawaii
In 2017, Coinbase was barred from Hawaii because the US state changed its regulations for cryptocurrency, but now the exchange has been permitted back in.
Residents of Hawaii will be able to access Coinbase to buy and sell a wide range of cryptocurrency tokens. They can also use the exchange to transfer funds to other countries or to stake assets.
The change occurred when the Hawaii Department of Commerce and Consumer Affairs announced an update to the cryptocurrency regulations for the state. The state legislature no longer requires that cryptocurrency firms have to keep one-to-one cash reserves on hand for any crypto holdings that they offer.
Back in 2017, that new rule made it practically impossible for any crypto exchanges to keep working within Hawaii, and Coinbase gave up its efforts there and focused on other states with less restrictive policies.
The Changing Tide of Sentiment for Crypto
There is a major difference now in how governments and individuals think about cryptocurrency compared to back in 2017. Seven years ago, crypto still felt new and unfamiliar. Many government officials did not have a firm grasp of what cryptocurrency was, and they feared for the financial safety of the citizens they were supposed to look out for.
As times change, cryptocurrency has become much safer and much better understood. Now, cryptocurrency is a major part of the financial transactions that occur every day, with billions of dollars changing hands each hour. Several countries around the world have even adopted cryptocurrency into their national currencies.
Hawaii has been out of the crypto market for years, but thanks to the changing regulations, they can be on a more even playing field with other parts of the world when it comes to the decentralized currency marketplace. The sentiment around cryptocurrency is changing, mostly for the better, with more government bodies accepting that they need to allow cryptocurrency in some form to the citizens, even if there is dispute over how much regulation should be required there.
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