Hawaii doesn’t give crypto much aloha, but some lawmakers want to change that

HONOLULU (HawaiiNewsNow) - Hawaii is one of the hardest states to trade cryptocurrency ― and some state lawmakers want to change that.

A measure moving through the state Legislature would establish new rules for regulating and licensing digital currency companies in Hawaii.

State Sen. Bennette Misalucha is among those pushing for Hawaii to become more cryto-friendly.

“If you look at the worst cryptocurrency environment, one of which would be Hawaii,” Misalucha said. “For instance, there is a rule that says for every dollar that’s invested, you have to have reserves. And so for many companies, they may not want to bother with Hawaii, right? Because it’s a small market.”

According to Misalucha, the state’s pilot program allows for only 15 cryptocurrency companies to operate in Hawaii, which limits choices for investors.

She said unless licensing legislation is enacted, the pilot program will end in June.