“We chose Hawaii due to the regulatory sandbox for the digital currency they set up,”
BitFlyer COO Joel Edgerton quoted this to CNWN as it unveiled new compatibility of its company BitFlyer USA, into the U.S. State of Hawaii.
In a further disclosure, he mentioned his reasons and consideration of the said opening saying, “We also chose Hawaii due to close links between the state and Japan.”
In the past year, Hawaii’s Division of Financial Institutions and its Technology Development Corporation has edified support for the community as it constructed the Digital Currency Innovation Lab — the avenue used to bring BitFlyer into the state.
For the first few phases of experimentation, the Digital Currency Innovation Lab will serve as a regulatory playground, endowing crypto companies two years of leeway in Hawaii to function void of a money transmitter license, the statement included.
Related to this, BitFlyer will propose Hawaiian use of its exchange on desktop and mobile devices.
As part of its protocol, the company, which is present in 48 stats, frequently evaluates the regulatory scene across different U.S. regions, moving into Hawaii, resulting from accommodating rules and regulations recently placed in the state, Edgerton explained.
Edgerton also noted that “The new Hawaii program is unique and approved to continue until Dec. 31, 2022,”
Finally, he said that they are hoping that the sandbox program will give regulators visibility into the innovation of companies working in the program and approve a long term licensing regime for cryptocurrency exchanges beyond the program end date.
Aid several signs of progress, the move of BitFlyer is favorable as more audiences accurately Japanese people can travel nearby. “The state that serves as a bridge between Japan and the U.S. Offering our service here is very significant as an exchange that originates in Japan.”, told Yuzo Kano in an interview.
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