Hawaii May Soon Require A Crypto License
If a proposed law goes into effect, it will require licenses for any users who engage in any cryptocurrency transactions in the state of Hawaii. This is not the first time Hawaii has proposed a law that targets crypto. Last year, Coinbase ceased operations in the state after lawmakers wanted licensed users to hold USD reserves. If the new law is passed, it will not only require a license, but it will also insist users divulge a multitude of personal information including name, address, business info, and criminal background.
The proposal also states it would demand users have receipts for their transactions. According to the new law, “each licensee who receives money or monetary value for transmission and the licensee’s authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee.”
It is also clear Big Brother is also concerned with crypto’s prevalence and that they do not have a tight hold on it yet. “[Virtual Currencies] can experience great swings — These currencies are not backed by any physical commodity, such as gold or silver; not backed by the United States or any other national government; not legal tender for debts; and are not insured by the Federal Deposit Insurance Corporation or any government.”
A public hearing on the matter will take place on February 2, 2018.
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Hawaii is already one of the most expensive places on Earth to live and their government now wants to basically criminalize "unlicensed" cryptocurrency transfers.
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