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Hawaii is giving crypto regulation a serious focus now.
Around the world, the drive for crypto regulation continues to take shape as more governments seek to establish regulatory frameworks for digital assets.
Hawaii could be the latest state to do so, as a senate committee has recommended the formation of a task group to regulate cryptocurrency and blockchain technology.
Two Hawaii State Blockchain Legislature committees unanimously supported the formation of a specialized task force to examine and regulate the crypto and blockchain ecosystems: Commerce and Consumer Protection (CPN) and Ways and Means (WAM).
Hawaii’s law wants to examine how the government may regulate, supervise, and potentially exploit blockchain and cryptocurrency technology.
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Hawaii is giving crypto legislation a serious priority. (Image credit: Visit The USA)
Hawaii Crypto Roadmap
The task committee plans to study data from other jurisdictions and produce “a roadmap to boost blockchain usage in both the private and public sectors,” among other things.
Once enacted into law, the crypto and blockchain task force will be required to deliver a report summarizing its findings and recommendations at least 20 days before the regular session of the House of Representatives in 2023 convenes.
The task group will consist of 11 individuals nominated by the governor, including representatives from a blockchain payments solution firm, a cryptocurrency exchange, and a cryptocurrency association.
Globally, the emergence of cryptocurrencies has continued to draw regulators’ attention. Countries such as the United States, South Korea, and Japan have enacted comprehensive blockchain rules, establishing a clear framework for implementation.
BTC total market cap at $730.71 billion on the daily chart | Source: TradingView.com
Unsurprisingly, this trend has moved to emerging countries, with India recently putting a 30% tax on cryptocurrency trading. Additionally, the Asian country has demanded that cryptocurrency exchanges retain user data for five years as part of legal regulations.
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More Countries Embracing Crypto
According to data conducted by the National Conference of State Legislatures, at least 37 states, in addition to Washington, D.C., and Puerto Rico, are exploring crypto-related legislation.
Brazil’s Senate passed its first cryptocurrency-related measure in plenary session on Wednesday, calling for the establishment of a legal framework.
The bill must be approved by the Chamber of Deputies before President Jair Bolsonaro can sign it into law.
Despite these well-publicized initiatives, countries such as Nigeria have declined to implement crypto laws.
As a result, despite having the region’s largest crypto market, the African nation maintains a blanket prohibition on cryptocurrency.
The U.S. House of Representatives passed a bill last year, the “Eliminate Barriers to Innovation Act of 2021,” co-sponsored by Congressmen Patrick McHenry (R-NC) and Stephen Lynch (D-MA), to establish a legislative mechanism for studying the potential impact of digital assets on the nation.
Featured image from CoinCu, chart from TradingView.com
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