As more governments try to build regulatory frameworks for digital assets, the global search for crypto legislation continues. A task group to govern cryptocurrency and blockchain technology has proposed by a Senate committee in Hawaii.
Crypto Task Force Creation
Two committees of the Hawaii State Legislature approved the crypto task force. Ways and Means (WAM) and Commerce and Consumer Protection (CCP) are the two (CPN).
The specialist task force, according to the article, would investigate the use and regulation of the crypto environment in the state. This confirmed in a letter delivered to Hawaii State Senate President Ron Kouchi.
Legislative members Donovan Dela Cruz and Ron Baker signed the letter in favour of forming a new task force. The “Blockchain and Cryptocurrency Task Force” is its name. It was first suggested in bill SB2695 earlier this year.
The initiative, dubbed “A Bill for an Act Relating to Cryptocurrencies,” aimed to create a task force under the state’s budget and finance department. This is for the purpose of reviewing and compiling data about cryptocurrency and blockchain.
The task committee would also require to report its findings and any restrictions to the State Capitol. This includes putting out a strategy to encourage blockchain use in both the public and private sectors.
The task force’s formation, according to the letter, will pave the way for Hawaii to become a significant centre for blockchain technology. The bill also creates a task force to develop a master plan to investigate the use and regulation of blockchain and cryptocurrency.
The task team will have 11 members, according to the measure. The governor will appoint representatives from a cryptocurrency exchange, a blockchain payment solution provider, and a crypto association.
The bill’s next stage is to be signed into law. The blockchain and crypto task group will have twenty days after signing to deliver a report on its recommendations and study before the regular session of 2023.
The rise of cryptocurrencies has drew the attention of regulators all around the world. Countries such as the United States, South Korea, and Japan have enacted comprehensive blockchain rules, providing a clear foundation for implementation.
This has moved to emerging countries, with India recently putting a 30% tax on cryptocurrency trading. As part of legal regulations, the Asian giant recently required crypto exchanges to preserve customer data for five years.
These advancements have allowed institutions to invest in the crypto market and given blockchain technology respectability. Fortune 500 firms such as Tesla joined in the fun by purchasing $1.5 billion in bitcoin, which is now worth $2 billion. Bakkt recently announced a partnership with an American bank to provide crypto services.
Despite these well-publicized initiatives, countries such as Nigeria have declined to implement crypto laws. As a result, despite having the region’s largest crypto market, the African country maintains a blanket prohibition on cryptocurrency.