Hawaii’s main committees approved the establishment of Blockchain and Cryptocurrency Task Force, which should impose rules on the local market.
Two of the main committees of the state of Hawaii – Commerce and Consumer Protection (CPN) and Ways and Means (WAM) – greenlighted the launch of a unit called Blockchain and Cryptocurrency Task Force. The division’s main goals will be to supervise the local digital asset ecosystem and explore the employment of cryptocurrencies.
Hawaii Seeking to Regulate Crypto
In a letter addressed to Hawaii’s President of the Senate – Ron Kouchi – the two committees outlined the “emerging growth and popularity” of the cryptocurrency sector in the past few years. However, the agencies argued there is “little” regulation on the industry.
Since both committees believe in the future of the asset class, they approved the launch of a specialized unit, dubbed Blockchain and Cryptocurrency Task Force:
“As there is vast potential for both the use and regulation of blockchain technology and cryptocurrency, it is in the interests of the State and its consumers to determine whether or how to regulate and provide oversight to the cryptocurrency industry.”
The Task Force will aim to “create a master plan to explore the use and regulation” of digital assets and blockchain technology. The unit will also have to comply with several important rules.
It will have to review data and other aspects of the industry and create a plan to expand blockchain adoption to the private and public sectors.
The division will consist of 11 members, including Donovan Dela Cruz (a member of the Democratic party), Gilbert Keith-Agaran (serving in the Senate of Hawaii), Sharon Moriwaki, and other politicians.
Trading with digital assets is entirely legal in Hawaii as the number of local crypto investors keeps growing. Interestingly, a recent survey estimated that the most popular token for Hawaiians is the first-ever memecoin Dogecoin.
Crypto Units Around the Globe
Establishing such divisions is not something new in the world of crypto. In July last year, the European Union (known for its rather negative stance on the sector) revealed intentions to set up a new department under its supervision focused on fighting money-laundering schemes, preventing terrorist financing, and monitoring for crypto crimes.
A few months later, Nigeria’s monetary watchdog – the Securities and Exchange Commission (SEC Nigeria), introduced a fintech unit that could help regulate the local digital asset ecosystem. Lamido Yuguda – SEC Nigeria’s Director-General – said:
“We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain.”