Hawaii's crypto sandbox to allow more participants

Tuesday 26 January 2021 11:03 CET | News

Hawaii's Digital Currency Innovation Lab has announced it will be accepting a second round of applications through 26 February 2021.

The state reopened applications for Digital Currency Innovation Lab (DCIL) hopefuls on 25 January 2021, raising the possibility that yet more crypto exchanges and service providers could soon do business in the historically restrictive-to-crypto islands.

State law requires crypto companies maintain cash reserves equivalent to their digital currency holdings, an unreachable bar for even the largest exchanges. But sandbox participants are exempt from that requirement, and from acquiring the usual money transmitter license, through June 2022.

Hawaii Technology Development Corporation representatives said COVID-19 hampered the program’s debut in March 2020.

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Keywords: Hawaii, cryptocurrency, Bitcoin, DCIL, cash reserves, digital assets, sandbox, COVID-19
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3