- Coinbase resumes operations in Hawaii
- This was made possible by removing the requirement to issue MT requirements
- Coinbase will be back with new features that benefit the state’s residents
- This move from Hawaii may attract many other crypto companies to follow
Coinbase, a globally recognized cryptocurrency exchange, is returning to Hawaii after being forced to cease operations there for seven years.
Coinbase’s return is made possible by Hawaii’s June 2024 decision to remove the requirement for cryptocurrency companies to obtain a Money Transmission (MT) license to operate legally.
Details on Hawaii’s New Regulations and Another Chance for Coinbase
In 2017, Hawaii’s Department of Financial Institutions (DFI), part of the Department of Commerce and Consumer Affairs, imposed strict regulations on crypto companies wishing to operate legally within Hawaii’s jurisdiction.
These rules required cryptocurrency companies to obtain MT licenses, which ultimately led Coinbase to withdraw from Hawaii for seven years.
In June 2024, these requirements were lifted, allowing Coinbase to return to Hawaii. Moreover, Coinbase is committed to ensuring reliable and long-term compliance with local regulators while introducing expanded financial features.
Coinbase Offerings and Benefits for Hawaii Investors
Coinbase is going to offer staking options with up to 12% annual percentage yield (APY) on popular assets, which are now directly accessible to residents of the state.
Coinbase also provides access to 500 spot pairs with 0.0% fees and a wide range of advanced trading tools for more experienced traders.
Conclusion
Such regulatory easing for crypto firms is not surprising from Hawaii, considering the widespread and active crypto adoption worldwide.
However, the return of such a key player is still major news that could attract many other cryptocurrency companies to follow Coinbase’s lead.
If we see a welcoming approach from the state, it would indicate that this truly was a signal and Hawaii is ready to return to a pro-crypto path.
