The authorities of the American state of Hawaii plan to launch a regulatory "sandbox" for companies that produce and work with digital currencies.
The official statement said about the creation of "Innovation Laboratory for Digital Currencies" - a two-year initiative, under which companies producing digital currencies, will be able to work in Hawaii without obtaining a government license to provide financial services.
The state governor stressed that during the "sandbox" he hopes to get a broader picture of digital currencies and their capabilities. In the long run, however, digital currencies could be legalized in Hawaii.
"The information we get from the initiative will help us determine the future of digital currencies in Hawaii," the statement said.
Companies will be able to apply for participation already from May 1, 2020. However, in order for the application to be approved, firms must demonstrate a high level of knowledge of both finance and technology, as well as the necessary capital.
The program is the result of collaboration between the Ministry of Commerce, the Financial Institutions Division and the Hawaii Corporation for Technology Development. However, companies participating in the Sandbox would not be investigated by the regulators if any violations were found.
Recall that in January, several Hawaiian lawmakers proposed to allow local banks to store "digital securities", "virtual assets" and other "tokens of open blockades".
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