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Hawaii is now paying serious attention to cryptocurrency regulation.

Around the world, the push for cryptocurrency regulation continues to take shape as more governments look to create a regulatory framework for digital assets.

Hawaii may become the latest state to do so, as a Senate committee recommended forming a task force to regulate cryptocurrency and blockchain technology.

Two of the Hawaii State Legislature’s blockchain committees unanimously supported the creation of a task force to study and regulate the cryptocurrency and blockchain ecosystems: Commerce and Consumer Protection (CPN) and Ways and Means (WAM).

Hawaii Law wants to explore how the government can regulate, monitor and potentially use blockchain and cryptocurrency technologies.

Hawaii Crypto Road Map

The task committee plans to study data from other jurisdictions and develop a roadmap for expanding the use of blockchain in both the private and public sectors, among other things.

Once passed, the Cryptography and Blockchain Working Group will be required to submit a report summarizing its findings and recommendations at least 20 days before the House of Representatives convenes in 2023.

The task force will consist of 11 people appointed by the governor, including representatives from a blockchain payment solutions firm, a cryptocurrency exchange and a cryptocurrency association.

Around the world, the emergence of cryptocurrencies continues to attract the attention of regulators. Countries such as the US, South Korea and Japan have adopted comprehensive blockchain regulations, establishing a clear framework for implementation.

Unsurprisingly, this trend has moved to developing countries, with India recently introducing a 30 percent tax on cryptocurrency trading. Additionally, the Asian country has required cryptocurrency exchanges to store user data for five years as part of legal regulations.

Other countries using cryptocurrency

At least 37 states, in addition to Washington, D.C., and Puerto Rico, are exploring cryptocurrency-related legislation, according to the National Conference of State Legislatures.

The Brazilian Senate passed its first cryptocurrency-related measure in plenary session on Wednesday, calling for the creation of a legal framework.

The bill must be approved by the Chamber of Deputies before President Jair Bolsonaro can sign it into law.

Despite these highly publicized initiatives, countries such as Nigeria have refused to enforce cryptocurrency laws.

As a result, despite having the region’s largest cryptocurrency market, the African nation maintains a complete ban on cryptocurrency.

Last year, the U.S. House of Representatives passed the Eliminating Barriers to Innovation Act of 2021, co-sponsored by Reps. Patrick McHenry (R-NC) and Stephen Lynch (D-MA), to create a legislative mechanism to examine the potential impact of digital assets per nation.