Coinbase is one of the biggest cryptocurrency exchanges around the globe. It has returned to Hawaii following a 7-year absence.
The state lifted the money transmitter license requirement in 2024, which had forced Coinbase Hawaii to close its operations.
The regulatory change marks an important moment in Hawaii’s relationship with digital currency. It opens new opportunities for its residents to participate in the rapidly expanding crypto economy.
Priority is given to compliance with federal regulations
Coinbase left Hawaii in 2017 due to strict licensing requirements set by Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions.
The regulations in place made it impossible for crypto exchanges to be profitable within the state. This led to Coinbase withdrawing.
Hawaii’s decision to ease these rules is part of a larger effort to make the digital currency environment more favorable.
The state, by removing the MT licensing requirement, has simplified the operating landscape for cryptocurrency companies, signaling a more progressive approach towards financial innovation.
Despite the removal from the MT licensing requirement, the federal regulations remain a top priority.
Coinbase’s return to Hawaii comes with a renewed commitment of adhering these standards. This will ensure that the platform is operating within a legal and secure framework, while providing efficient services for its users.
Faryar Shirzad – Coinbase’s Chief Policy Officer – commended Hawaii’s DFI’s forward thinking approach. He highlighted that Hawaii’s new regulatory position is a step in the right direction towards making financial products more affordable and accessible for Hawaii residents.
Popular assets can earn up to 12 percent annual yield
Coinbase’s return to Hawaii brings a new platform that caters to novices and experts alike.
Residents can buy, manage, and sell a range of digital currencies, such as Bitcoin, Ethereum and other altcoins.
Hawaii’s staking feature is one of its most appealing features. It allows users to receive rewards for participating in network maintenance.
Coinbase provides a maximum annual percentage yield of 12% on popular digital assets. This is a great incentive to those who are looking to expand their portfolios.
Coinbase Hawaii users can also take advantage of its recurring purchase feature. This automates investment by allowing the user to set up regular cryptocurrency purchases.
It is especially useful for investors who like to take a more hands-off approach, since it removes the requirement for continuous market monitoring.
Coinbase provides access to more than 500 spot pair with maker fees of 0.0%, as well as advanced charts powered by TradingView, and APIs that allow for customized trading.
Coinbase is not the only cryptocurrency firm that may be following Hawaii’s example.
Hawaii’s growing digital economy could be boosted by the increased availability and accessibility of crypto services.
The information in this post Coinbase returns to Hawaii after a 7-year absence: What you should know could be updated as new developments occur.
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