The Aloha state's new regulations already attracted some notable Web3 firms, including Coinbase, Metamask, Transak, BitPay and Trust Wallet.
Hawaii’s newly enacted cryptocurrency regulations are making the state increasingly appealing to crypto companies, with firms like MetaMask and Transak now setting up offices there.
In June, regulators jointly announced that the business activities of crypto companies should not be classified as money transmission under Hawaii law.
As of July 1, 2024, cryptocurrency exchanges and firms are no longer required to obtain a money transmitter license to operate in the state, which is in stark contrast with most US states.
