Dozens of cryptocurrency exchanges are now able to operate in Hawaii thanks

Twelve crypto exchanges including ErisX, bitFlyer USA and Gemini are now able to operate for investors in Hawaii.

These exchanges have been approved through a new regulation by the Hawaii Ministry of Finance and the Hawaii Technology Development Corporation (HTDC).

This new regulation allows cryptocurrency exchanges to apply for approval to do business in Hawaii without having to obtain a state transfer permit for two years.

See more information: bitcoin to paypal

Hawaii in the past had relatively difficult regulations on cryptocurrencies and was very limited in licensing cryptocurrency exchanges operating here.

In 2017, the Hawaii Ministry of Finance required crypto exchanges to keep their cash reserves equivalent to crypto funds held for their customers.

This was the bad policy that resulted in Coinbase being shut down in Hawaii.

Aside from Coinbase, Binance.US is therefore unable to operate in this state either.

BitFlyer USA said that with the current new Hawaii regulation it will open the door to welcome crypto companies based here and mark the return of crypto exchanges in Hawaii and possibly lead to the fact that the exchanges get full licenses in the future.