Coinbase re-enters Hawaii market after seven years due to deregulation

Global cryptocurrency exchange Coinbase has announced that it has expanded its services to Hawaii.
Hawaii residents recently filed a lawsuit against the Hawaii Department of Commerce and the Department of Financial Institutions and Consumer Protection (DF
Due to regulatory changes in the U.S., the Coinbase platform now offers services including cryptocurrency staking options.
Coinbase said: "We are working with local authorities to enter the Hawaii market and are fully prepared to support all
"We welcome their innovative and responsible approach, which aligns with our goal of providing a safe and compliant environment for our customers."
The exchange said, "Customers in Hawaii will have access to a range of cryptocurrency services, including staking.
"Hawaii residents will be able to transfer their assets internationally," he said.
"Yes, you can," he said. Hawaii previously implemented restrictive regulations on cryptocurrency businesses, making it difficult to operate cryptocurrency-related services in the state.
In particular, regulations requiring cryptocurrency exchanges to maintain cash reserves equal to the value of digital assets held by their customers have put cryptocurrency operators at increased risk.
The policy made it nearly impossible for companies to do business in the state, leading Coinbase to withdraw from Hawaii in 2017.
Coinbase's re-entry into Hawaii marks the start of DFI's efforts to innovate Hawaii's digital currency market.
This comes as the Fed relaxed the regulatory restrictions and eliminated the reserve requirement as part of a pilot program run by the Innovation Institute.