What is the reason for the attraction of crypto companies to Hawaii’s new regulations?

What is the reason for the attraction of crypto companies to Hawaii’s new regulations?

Hawaii has introduced new rules that make it easier for cryptocurrency companies to operate there. The state decided that crypto businesses don’t need a money transmitter license anymore, attracting big companies like Coinbase and MetaMask. This change helps Hawaii become a growing center for crypto activity.

In June, Hawaii’s Department of Commerce made the decision to remove the need for licenses, showing support for the crypto industry. As a result, companies like Transak have already opened offices in Hawaii, and others may follow because of the state’s friendly regulations.

Bryan Keane from Transak said this new rule could make Hawaii an important hub for cryptocurrency, especially with the state’s growing Web3 community. The new regulations also allow companies to offer more services directly to users, benefiting both the businesses and Hawaii’s economy.