Restrictions have hurt Hawaii’s share of the cryptocurrency market
#Crypto #Businesses, #Hawaii, #Laws, #News, #Advice, www.Hawaii.Bio, Businesses in Hawaii recommendations, Cost of living in Hawaii, What you need to know about Hawaii
Hawaii has the highest barriers in the country to companies that exchange cryptocurrency, and those restrictions could get worse if lawmakers don’t step up and open the door to this potentially thriving new business area.
Bitcoin, the world’s first “cryptocurrency”, was invented in 2009 by an unknown person or group of people under the name Satoshi Nakamoto and allowed people to store, buy and sell digital currency using special software.
Since then, thousands of other cryptocurrencies have emerged, such as Ethereum, Litecoin and Monero. Many of these cryptocurrency companies have risen significantly in value, with the entire cryptocurrency market valued at $2.2 trillion. That’s slightly more than Google ($1.9 trillion) and slightly less than Microsoft ($2.5 trillion).
In Hawaii, cryptocurrency companies are subject to the Hawaii Remittance Act, which since 2014 requires them to hold monetary assets equal to the amount of their virtual assets. For example, if a company holds $1 billion worth of cryptocurrencies, it will also need an additional $1 billion in cash as reserves.
No other state has such a specific requirement for cryptocurrency companies, so most of these companies have either left Hawaii or avoided it.
The two largest cryptocurrency exchanges, Coinbase and Binance, do not operate in Hawaii. Neither Kucoin, Strike, eToro, Bittrex, Bitstamp, Robinhood Crypto, nor PayPal’s “Cryptocurrency Hub”.
In March 2019, the Governor authorized the creation of a temporary sandbox known as the Digital Currency Innovation Lab, which allowed cryptocurrency companies to operate in the state without having to comply with the dual reserve requirement of the Remittance Act. .
Only 15 cryptocurrency companies were allowed to play in the sandbox, which has so far allowed 61,000 Hawaii customers to access virtual currency with a total transaction value of more than $611 million.
Meanwhile, since the program launched, the value of Bitcoin has increased by 370%, from $10,000 in 2019 to $47,000 by the end of 2021.
Looking ahead, legal authority for the sandbox expires on Dec. 30, 2022, meaning lawmakers who want to avoid a complete shutdown of this market must pass some kind of enabling legislation during the 2022 legislative session.
The easiest way to allow cryptocurrency companies to operate in Hawaii is to exempt them from remittance laws.
Twenty states do not require a money transmitter license for cryptocurrency transactions: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, North Dakota, Oklahoma, Pennsylvania, Tennessee. , Texas, Virginia and Wisconsin.
Another quick fix would be to add cryptocurrency as an “eligible investment” to the remittance law, thereby eliminating the dual reserve requirement. For example, Wyoming exempted virtual currency from its dual reserve requirement in 2014 and has since become “the most cryptocurrency-friendly jurisdiction in the United States,” according to MarketWatch.
A more complex route would be to create a new licensing requirement for virtual currency companies, which could also bypass the double reserve requirement. This could potentially create an unnecessary administrative burden, but would nevertheless allow for a more dynamic cryptocurrency market if the rules are not too strict.
The Hawaii Division of Financial Institutions is actually introducing such a bill aimed at reducing barriers to cryptocurrency companies in Hawaii. But lawmakers should be careful not to impose too many requirements that defeat the purpose of the bill.
The goal is to ease Hawaii’s toughest virtual currency restrictions in the country and give island residents greater access to this emerging market. This would be another way to diversify our economy and help local families find new ways to make money and prosper.
Coinbase And Other Exchanges Relist XRP After Court Ruling Against SEC
US crypto exchanges Coinbase, Kraken, Gemini, Crypto.com and Bitstamp have announced to relist XRP after a US federal court ruled that selling the token on exchanges did not constitute an investment contract.
The entire ruling was not in favor of Ripple as Judge Torres made it clear that institutional sale of the tokens did violate federal securities laws.
The price of XRP shot up as much as 70% after Ripple scored a partial win against the US Securities Exchange Commission (SEC) on Thursday.
After the federal court’s ruling, US crypto exchanges announced plans to relist the layer one token.
The leading US-based crypto exchange Coinbase announced in a tweet on Thursday that they will re-enable trading for XRP (XRP) on the XRP network.
“Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases,” the crypto exchange added.
Ripple Ruling Deals a Blow to SEC’s Effort to Regulate Crypto
Judge’s decision is a boost for other crypto firms that claim regulators have too aggressively policed market
Bitcoin surged on Friday morning in Asia to breach the US$31,000 resistance level, after Ripple Labs achieved a partial victory in its three-year lawsuit against the U.S. Securities and Exchange Commission (SEC). The regulator accused Ripple of offering XRP as an unregistered security. Along with Bitcoin, Ether and all other top 10 non-stablecoin cryptocurrencies logged considerable gains, with XRP spearheading the rally with a rise of over 70%. U.S. equity futures traded flat in the Asia time zone on Friday as investors await earnings reports from major U.S. banks. Thursday’s U.S. producer price index (PPI) has added to a sense that inflation is slowing in the country.
XRP ruling provides crypto market boost
Bitcoin climbed 3.45% over the last 24 hours to US$31,463 as of 07:50 a.m. in Hong Kong for a weekly gain of 4.93%, according to data from CoinMarketCap. The world’s largest cryptocurrency reached a high of US$31,814 early Friday morning, the highest price since June 2022.
In a summary judgement on Thursday, New York Southern District Court Judge Analisa Torres ruled that Ripple’s programmatic sales of the XRP token on public exchanges do not constitute securities, marking a partial victory for Ripple with the SEC. The regulator first sued the San Francisco-based financial technology firm on the grounds that XRP constitutes a security in 2020.
The verdict came with a critical caveat, however. The court ruled that Ripple’s XRP sales to institutional investors did violate securities laws.
Nonetheless, Ripple’s Chief Executive Officer Stuart Alderoty called the judgement “a huge win” in a Friday tweet.
Standard Chartered boosts 2024 bitcoin forecast to $120,000
New York, July 11 – The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered said on Monday, predicting the recent jump in its price could encourage bitcoin “miners” to hoard more of the supply.
Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called “crypto winter” was over, but one of the bank’s top FX analysts, Geoff Kendrick, said there was now 20% “upside” to that call.
Standard Chartered said the rationale for its predicted price rise was that miners who mint the 900 new bitcoins produced each day around the world would soon need to sell fewer to cover their costs – mostly electricity to power super-computers.
Kendrick estimated that miners have recently been selling 100% of their new coins. If the price hits $50,000 though, they would probably only sell 20-30%.
“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently.”
“Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
Next April or May the total number of bitcoins able to be mined each day is also set to halve due to an inbuilt supply and issuance mechanism that gradually limits supply to maintain its appeal.
Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
Bayliq All-in-One Liquid crypto investment private tracker
Bayliq, LLC. is an American technology company that develops the Bayliq mobile App. The world’s first app combines your assets from crypto exchange cold wallets, banking and cash into one safe and secure mobile app without collecting your personal data.
Bayliq is one of the early adopters of cryptocurrency. Our vision is to make cryptocurrency accessible to one and all as the world continues to accelerate towards global adoption.
We believe it is your fundamental right to control your money, data and identity. Thanks to blockchain technology and cryptocurrency, the future of the Internet will be more fair and equal for all.
Accelerate the World’s Cryptocurrency Transition with Bayliq
The basic version of the Bayliq application was created specifically in manual mode and without client verification. For more trust and security. Bayliq app users can log in with Apple, Gmail and transact in multiple cryptocurrencies with only a username (nickname) and password rather than juggling multiple keys and entering lengthy passphrases. The company keeps security at its core, and with its Bayliq Security Software, it allows others to take advantage of its decentralized approach to security.
As cryptocurrencies proliferate and decentralized financial ecosystems hurtle toward becoming household names, ease-of-use and security are rightfully among the top considerations among potential users.
The Bayliq app does not want to know your balance on crypto exchanges, cold wallet or in your pocket. This allows you to absolutely securely enter all data about your assets.
The Bayliq App is also designed in such a way that newcomers to the crypto industry cannot lose money.
A new client can create the first investment portfolio. And every day, watch the difference in fluctuations in the exchange rate of coins.
A new client should quickly get used to the high volatility of the crypto industry. And as soon as the user is ready to invest his first capital, he will be able to choose the best crypto exchanges in the world or in his region.
The Bayliq App connects to over 100 of the largest crypto exchanges in the world.
In the future, the client may upgrade to a paid version of Bayliq Pro, whereby investors will no longer have to enter their trades themselves. From now on, the app will sync them automatically.
Bayliq considers all exchanges separately and shows individual and the total balance, as well as each asset showing the balance in crypto and fiat equivalent at 50 different world currency rates.
Not all crypto exchanges in the world have the same coins on their platform. Thus, the user has from 3 to 12 crypto exchange applications on the phone. And 1-3 more secret “cold wallet” balances plus a bank checking and savings account. And during the day, the user had to switch between many applications, but did not see the overall balance.
Bayliq app solves this problem!
As such, Bayliq is the first app in the world to offer its users a real-time overview of the earnings from their “cold wallets’ , cash, and cryptocurrencies. Today, Bayliq has been gaining popularity in the world users in over 61 countries, making the app one of the fastest growing players in the market.
In this way, Bayliq eliminates the need for constant switching across multiple applications or platforms.
In the US, globally increasingly popular investors are already getting a clear overview of the latest developments in their cryptocurrencies, investments, through an app on their smartphones. Today, the usability is getting even more convenient as Bayliq is the first app on the market that also offers connection to trading any crypto assets from a single app.
Connection with more than 2000+ cryptocurrencies and more than 135+ reliable crypto exchanges in the world.
The new feature allows you to automatically import transactions into the user’s portfolio overview if the client had them in electronic format.
Finding ways to make newly developed technology easy for people to use is an important component in its widespread adoption.
Bayliq the company that keeps security at its core, knows this and aims to make buying, selling, and trading cryptocurrency to view balance more than ever with its noncustodial app.
What does the word mean: *bayliq – wealth, 富, багатство, divitiae, 재산, kekayaan, ثروة, πλούτος, 財富, riqueza, xoolo, rykdom, байлық, ricchezza, богатство, רייַכקייַט, turtas, ricchezza, sərvət, धन, reichtum, հարստություն, richesse, სიმდიდრე, richès, bogactwo, ಸಂಪತ್ತಿನ, bagātība, riqueza, багацце, rigdom, bogăție, rikkaus, kekayaan, bohatství, jólét, saibhreas, riĉeco, bohatství, благосъстояние, jólét, संपत्ती, rijkdom, धन, ġid, ധനം, ධනය, ความมั่งคั่ง, دولت, riĉeco, ثروت, kasugihan, bahandi, taonga, mali, boylik.
www.Bayliq.com