A task force on cryptocurrency regulation to be formed in Hawaii

The state of Hawaii’s Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees have approved the formation of a Blockchain and Cryptocurrency Task Force. The division’s primary objectives will be to monitor the local digital asset ecosystem and investigate the use of cryptocurrencies.

Hawaii’s committees have passed a bill to the Senate calling for the creation of a task group on cryptocurrencies and blockchain regulation. The law in Hawaii aims to look into how the government might regulate, monitor, and potentially profit from blockchain and cryptocurrency technology. As cryptocurrency becomes more mainstream, governments around the world are seeking methods to control and profit from digital assets.

The two committees detailed the “growing growth and popularity” of the cryptocurrency sector in recent years in a letter to Hawaii’s Senate President, Ron Kouchi. However, the authorities claim that the industry is governed by “very little” regulation. Because both committees trust in the asset class’s future, they agreed to create a dedicated unit called the Blockchain and Cryptocurrency Task Force.

They argue that because blockchain technology and cryptocurrency have enormous potential for both usage and regulation, it is in the State’s and its customers’ best interests to determine whether and how to regulate and oversee the cryptocurrency business.

The Task Force’s goal is to develop a comprehensive strategy to investigate the use and regulation of digital assets and blockchain technology. Several key rules must also be followed by the unit.

It will need to examine data and other parts of the industry before devising a strategy for bringing blockchain to the commercial and public sectors.

In the crypto realm, establishing such divides is nothing new. In July of last year, the European Union (known for its harsh stance on the industry) announced plans to create a new department under its control tasked with combating money laundering schemes, blocking terrorist financing, and monitoring crypto crimes.

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