Coinbase expands crypto services to Hawaii following regulatory change
Coinbase expands services to Hawaii after regulatory changes ease restrictions Hawaii residents can now buy, sell and share crypto on Coinbase with up to 12% API. Coinbase is still facing legal pressure from the SEC regarding the disclosure of regulatory filings.
Coinbase has announced that it has expanded its services to Hawaii, giving residents access to a wide range of digital asset management options.
This follows major regulatory changes by Hawaii's Division of Financial Institutions (DFI) of Business and Consumer Affairs, opening new avenues for cryptocurrency businesses in the state.
Hawaii's strict rules
For years, Hawaii's strict 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 preventing 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 in the state.
Hawaii residents can now use Coinbase.
With this regulatory update, Hawaii residents can now participate in the buying, selling and management of cryptocurrencies using Coinbase's platform and mobile app.
In addition to these services, users can participate in crypto staking by earning up to 12% Annual Percentage Yield (APY) on selected digital assets.
This marks a big change for Hawaii, where while demand for cryptocurrencies is growing, opportunities were previously limited due to the state's strict regulations.
For Coinbase, entering Hawaii not only expands its user base, but also underscores the state's commitment to fostering innovation in the digital currency space.
