Crypto exchange Coinbase just announced that Hawaii residents can now use its platform to buy and sell digital assets. In a statement, the largest US-based crypto exchange says its products and services are now available in The Aloha State after the Hawaii Department of Commerce and Consumer Affairs (DCCA) Division of Financial Institutions (DFI) made […]
The post Coinbase Now Available in Hawaii Following Regulatory Clarity From America’s 50th State appeared first on The Daily Hodl.
The publicly traded cryptocurrency exchange Coinbase has announced its expansion into Hawaii, allowing residents to access a range of crypto services. The move comes after the state clarified its regulations, enabling Coinbase to offer its platform to Hawaiian users. Hawaii Residents Gain Access to Coinbase’s Full Suite of Crypto Tools Coinbase’s entry into the Hawaiian […]
The brokerage platform took advantage of Hawaii’s recent change to money transmitter licensing to expand to the non-contiguous United States.
Robinhood has expanded its services to Hawaii, Puerto Rico and the U.S. Virgin Islands, the brokerage platform announced on July 2, following a significant regulatory change by Hawaii’s Department of Commerce and Consumer Affairs (DCCA).
On June 28, the Hawaiian regulator announced that cryptocurrency services no longer needed a money transmitter license to operate in the state. This shift marks a big win for the industry, considering Hawaii represents one of the strictest financial regulatory climates in the United States, along with California and New York.
According to a recent Bloomberg article, Robinhood is also considering using the regulatory licenses held by Bitstamp to offer crypto futures trading to customers in the U.S. and Europe.
While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws.
Cryptocurrency firms in Hawaii are now officially exempt from the requirement to receive a Money Transmitter License (MTL) to run business in the state.
The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) informed the public that the state concluded the collaborative crypto research project Digital Currency Innovation Lab (DCIL) on June 30, 2024.
Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies.
The U.S. state of Hawaii’s regulatory sandbox concludes today. Crypto companies will no longer require a Hawaii-issued money transmitter license to conduct business within the state. However, they must comply with federal regulations. Hawaii’s Regulatory Sandbox Concludes The Department of Commerce and Consumer Affairs of Hawaii and the Hawaii Technology Development Corporation (HTDC) issued an […]
The Rock and Oprah Winfrey launched the People’s Fund of Maui to provide direct financial support to those affected by the calamity.
The crypto community joins in to support the Maui community as a relief fund championed by A-list celebrities Oprah Winfrey and Dwayne “The Rock” Johnson accepts donations in cryptocurrencies.
In early August 2023, wildfires broke out on the Hawaiian island of Maui, causing massive property and personal losses as more than 2,500 acres were burned. The Rock and Oprah launched the People’s Fund of Maui to provide direct financial support to those affected by the calamity.
We're honored to announce the People’s Fund of Maui, a fund putting money directly in the pockets of those who were affected by the recent wildfires.
— Dwayne Johnson (@TheRock) August 31, 2023
As @Oprah and I have seen firsthand, the impacts of these wildfires have been devastating, and we’re here to ensure with 100%… pic.twitter.com/iH6cPwbQ3k
In the tweet, The Rock confirmed that 100% of the donations will go to the victims, adding:
“Every adult resident who lives in the affected area and was displaced by the wildfires in Lahaina and Kula is eligible to receive $1200 per month to help them through this period of recovery.”
The People’s Fund of Maui accepts donations in the form of numerous fiat currencies and cryptocurrencies. In addition to accepting fiat donations from around the world, the fund will also accept donations in Bitcoin (BTC), Ether (ETH) and Doge (DOGE), among a plethora of other alternatives.
As explained by Oprah, the intention behind handing over the donations directly to the survivors is to allow them to make decisions for their path to normalcy. “People being able to have their own agency, being able to make decisions for themselves — about what they need and what their family needs — that is our goal,” she added.
Related: Ukrainian Children of Heroes need your help: Donate with crypto
Running parallel to the supportive efforts of A-list celebrities, many relief efforts strive to help out the wildfire victims.
We are participating in @TheGivingBlock's Maui Emergency Response Fund to support survivors of the wildfires in Hawaii.
— All Hands and Hearts (@AllHandsHearts) August 15, 2023
Donate to All Hands and Hearts with crypto and help strengthen our relief efforts: https://t.co/iG4AnSbNDl https://t.co/aQisZxLspE
All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires.
“Cryptocurrency donations as any other type of donations are helping to provide essential support after the devastating wildfires,” said Olga Ruggiero, chief of organizational integration and events at All Hands and Hearts. “The crypto industry continues to band together with communities around the world in need.”
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in
The Giving Block matched more than $68,000 in crypto and fiat donations to raise more than $136,000 for a project aimed at assisting efforts following the fires in Maui.
Relief efforts are still underway on the Hawaiian island of Maui following a series of wildfires severely damaging major areas including Lahaina.
All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires which took the lives of more than 100 people and destroyed homes and businesses. Government officials have reported the cost to rebuild may be more than $5.5 billion.
“Cryptocurrency donations as any other type of donations are helping to provide essential support after the devastating wildfires,” said Olga Ruggiero, the chief of organizational integration and events at All Hands and Hearts. “The crypto industry continues to band together with communities around the world in need.”
We are participating in @TheGivingBlock's Maui Emergency Response Fund to support survivors of the wildfires in Hawaii.
— All Hands and Hearts (@AllHandsHearts) August 15, 2023
Donate to All Hands and Hearts with crypto and help strengthen our relief efforts: https://t.co/iG4AnSbNDl https://t.co/aQisZxLspE
Ruggiero reported that the organization had received more than $125 million in crypto through The Giving Block, a charity platform which facilitates digital asset donations in Bitcoin (BTC), Ether (ETH) and other tokens. At the time of publication, the Giving Block had matched more than $68,000 in crypto and fiat donations to raise more than $136,000 for the Maui project.
“All Hands and Hearts and other disaster relief organizations have evolved their donation strategies over the years by embracing technology and utilizing different types of digital platforms,” said Ruggiero. “These changes have improved fundraising efficiency and effectiveness, enabling organizations to provide crucial aid during disasters.”
Related: Ukrainian Children of Heroes need your help: Donate with crypto
The fires, which reports suggest may have been caused by downed power lines on Aug. 8, have devastated the island of more than 160,000 residents. In addition to donations through All Hands and Hearts, the governments of Japan and South Korea each pledged $2 million in aid to support relief efforts.
Many organizations have turned to cryptocurrency as a solution to get funds into areas affected by natural and man-made disasters. In Ukraine, where residents have faced Russian military attacks since 2022, the government received more than $70 million in crypto for military equipment and humanitarian assistance as of February.
On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday […]
On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week. 3 […]
The task force will submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption in both the private and public sectors.
Two committees of the Hawaii State Legislature — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — unanimously approved the launch of a specialized task force to explore the use and regulation of the crypto ecosystem.
In a letter addressed to the President of the Hawaii Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz Baker wrote in support of creating a “Blockchain and Cryptocurrency Task Force” that was first proposed in bill SB2695.
SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to establish a task force within the Department of Budget and Finance to review and compile country-wide data on crypto and blockchain. The task force would submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption in both the private and public sectors.
Citing the vast potential for both the use and regulation of blockchain technology and cryptocurrency, the letter read:
“This measure establishes a task force to create a master plan to explore the use and regulation of blockchain and cryptocurrency.”
Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.
The task force will consist of 11 members — including representatives of a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association — who shall be appointed by the governor.
Related: Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies
On April 27, Brazil’s Senate passed its first crypto-related bill in a plenary session, calling for the creation of a regulatory framework.
As Cointelegraph reported, the bill awaits approval by the Chamber of Deputies before it can be signed into law by President Jair Bolsonaro. Speaking on the development, Senate President Rodrigo Pacheco said:
“I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.”
The bill is expected to be passed into law by the end of 2022.
