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Coinbase has announced the expansion of its services to Hawaii, granting residents access to a broad range of digital asset management options.
This comes on the heels of significant regulatory changes by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), which have opened new avenues for cryptocurrency businesses in the state.
For years, Hawaii’s stringent regulations have made it difficult for crypto exchanges to operate within its borders.
A particularly challenging requirement was the mandate for exchanges to maintain cash reserves equal to the value of digital assets held by customers, effectively deterring many businesses from entering the Hawaiian market.
However, recent adjustments, as part of the Hawaii Digital Currency Innovation Lab pilot program, have relaxed these restrictions, allowing companies like Coinbase to establish a foothold in the state.
With this regulatory easing, Hawaiian residents can now use Coinbase’s platform and mobile app to engage in the buying, selling, and management of cryptocurrencies.
In addition to these services, users can participate in crypto staking, earning up to 12% annual percentage yield (APY) on select digital assets.
This marks a significant shift for Hawaii, where the interest in cryptocurrencies has been growing, yet opportunities were previously limited due to the state’s tough regulations.
For Coinbase, its entry into Hawaii not only expands its user base but also highlights the state’s commitment to fostering innovation in the digital currency space even as the exchange battles with the US SEC concerning the disclosure of documents related to the application of securities laws to digital assets.
