Crypto exchange Coinbase has expanded to Hawaii following recent regulatory changes in the state. Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions recently made some regulatory adjustments that provided clarity for crypto service providers to operate in the region.
The new policies enable Hawaii residents to buy and sell cryptocurrencies on Coinbase. Furthermore, the crypto exchange will provide services such as staking, asset management, and trading to local users. Coinbase lauded its operation in Hawaii as progress as it continues to expand across the US.
Coinbase Expands to Hawaii Amid New State Regulatory Changes
The exchange said, “We’re excited to announce that Coinbase is now available in Hawaii. With recent state regulatory changes paving the way, we can now bring our products and services to Hawaii and empower residents to participate in the crypto economy.
Coinbase added that its services cater to both experienced and novice users in Hawaii. New users can access hundreds of cryptocurrencies on the exchange. Similarly, experienced traders can enjoy advanced tools and over 500 spot trading pairs and APIs.
Coinbase revealed that it plans to comply with local regulations to make crypto activities safe. “We’ve worked diligently with local authorities to ensure we can enter the Hawaii market and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all,“ the exchange remarked.
Hawaii Opens Up to Crypto
Coinbase’s expansion to Hawaii is a huge win for the entire crypto industry, as it means Hawaii has become more receptive to the industry. Hawaii’s previous policies made it difficult for crypto service providers to operate in the state.
The state required crypto exchanges to have cash reserves equal to the value of the digital assets they held for customers, which made it difficult for service providers to operate. However, Hawaii’s recent regulatory adjustment removed the reserve requirement.
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