Hawaii Becomes Crypto Hub After New Crypto Regulations

Hawaii’s newly adopted crypto regulations are making the state increasingly attractive to crypto companies, with companies like MetaMask and Transak opening offices there.

In June, regulators jointly announced that cryptocurrency businesses should not be classified as money transmitters under Hawaii law.

As of July 1, 2024, cryptocurrency exchanges and companies will no longer need to obtain a money transmitter license to operate in the state, a stark departure from most U.S. states.

This could attract many established crypto companies to the state, according to Brian Keene, a U.S. compliance specialist at Transak.