Two of the State of Hawaii’s main committees — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — gave the go-ahead for the creation of a unit called Blockchain and Cryptocurrency Task Force. The main goals of the department will be monitoring the local ecosystem of digital assets and researching the use of cryptocurrencies be.
Hawaii is trying to regulate crypto
In a letter to Hawaii’s Senate President – Ron Kouchi – the two committees outlined the “emerging growth and popularity” of the cryptocurrency sector in recent years. However, the agencies argued that the industry was “lightly” regulated.
Believing in the future of the asset class, both committees approved the creation of a specialized unit called the Blockchain and Cryptocurrency Task Force:
“As there is tremendous potential for both use and regulation of blockchain technology and cryptocurrency, it is in the interest of government and its consumers to determine whether or how the cryptocurrency industry should be regulated and overseen.”
The task force will aim to create “a master plan to study the use and regulation” of digital assets and blockchain technology. The device must also comply with some important rules.
It needs to review data and other aspects of the industry and create a plan to expand blockchain adoption to the private and public sectors.
The department will consist of 11 members, including Donovan Dela Cruz (a member of the Democratic Party), Gilbert Keith-Agaran (serving in the Hawaii Senate), Sharon Moriwaki and other politicians.
Trading digital assets is entirely legal in Hawaii as the number of local crypto investors continues to grow. Interestingly, a recent poll estimated that the most popular token for Hawaiians was the very first memecoin Dogecoin is.
Crypto entities around the globe
Establishing such departments is nothing new in the crypto world. In July last year, the European Union (known for its rather negative attitude towards the sector) announced its intention to set up a new department under its oversight that would focus on combating money laundering schemes, preventing the financing of terrorism and monitoring crypto-crime.
A few months later, Nigeria’s currency watchdog — the Securities and Exchange Commission (SEC Nigeria) — launched a fintech entity that could help regulate the local digital asset ecosystem. Lamido Yuguda – Director General of SEC Nigeria – said:
“We’re looking closely at this market to see how we can create regulations that help investors protect their investments in blockchain.”
Source: Crypto News Deutsch