The Hawaii government is set to build legal frameworks for digital assets, with a senate committee recommending the creation of a working force to oversee bitcoin and blockchain technology.
Two specialist task forces have been constituted to investigate and govern the crypto and blockchain ecosystems: Commerce and Consumer Protection (CPN) and Ways and Means (Ways and Means) (WAM).
Hawaii blockchain adoption Roadmap
The crypto and blockchain task force will be mandated to provide a report describing its findings and suggestions 20 days prior to the session of the House of Representatives.
The governor will appoint 11 people to the task force, including representatives from a blockchain payments solution provider, a crypto exchange, and a cryptocurrency organisation.
Globally, the rise of cryptocurrencies has caught the interest of regulators. Countries such as the United States, South Korea, and Japan have established extensive blockchain regulations, laying the groundwork for adoption.
Strangely, this pattern has shifted to emerging markets, with India recently imposing a 30% tax on cryptocurrency trade. Furthermore, as part of regulatory requirements, the Asian country has required bitcoin exchanges to preserve customer data for five years.
More Nations Considering Cryptocurrency
According to the National Conference of State Legislatures, at least 37 states, in addition to Washington, D.C. and Puerto Rico, are considering crypto-related legislation.
On Wednesday, the Brazilian Senate enacted its first cryptocurrency-related bill in a plenary session, establishing a legal framework.
Nations such as Nigeria have chosen not to enact crypto legislation. As a result, the African nation remains a blanket ban on cryptocurrencies.
Last year, the United States House of Representatives approved the “Eliminate Barriers to Innovation Act of 2021,” which was co-sponsored by Congressmen Patrick McHenry (R-NC) and Stephen Lynch (D-MA), to provide a legislative framework for assessing the potential impact of digital assets on the nation.
