Coinbase announced that a notable new feature now accessible to residents of Hawaii is the ability to stake.
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In light of recent changes in state regulations, Coinbase Hawaii has resumed operations, enabling local residents to buy, sell, and manage a range of cryptocurrencies through its platform.
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The state’s forward-thinking approach to cryptocurrency regulations, especially the decision made on June 28 to eliminate the money transmitter (MT) license requirement for crypto companies, has facilitated this advancement.
Although the MT license is no longer necessary, it is crucial for all companies to continue complying with federal regulations.
Coinbase’s pathway to Hawaii
In 2017, Coinbase halted its operations in Hawaii due to a mandate from the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), which required licensing for companies providing certain virtual currency services to residents of the state.
Following this regulatory requirement, Coinbase announced the indefinite suspension of its services in Hawaii.
Faryar Shirzad, the chief policy officer at Coinbase, praised the Hawaii DFI for its regulatory stance on cryptocurrency. He reiterated the company’s dedication to adhering to compliance standards, both within the United States and globally.
Shirzad emphasized the critical role of cryptocurrency in transforming financial systems, framing Coinbase’s re-entry as a significant move towards providing accessible, cost-effective, and efficient financial services.
Coinbase conveyed its excitement about broadening its services in Hawaii, pointing to regulatory clarity as a pivotal reason for its decision to return to the state.
Coinbase Returns to Hawaii with a Focus on Staking for Residents
Residents of Hawaii can now participate in cryptocurrency trading through the Coinbase platform. This application grants access to a wide array of digital currencies, allowing users to earn rewards, track market prices, and conduct international asset transfers seamlessly.
Coinbase provides users with the ability to automate their investments via recurring purchases, earn rewards through staking, and utilize a variety of analytical tools. The platform is also designed for active traders, featuring over 500 spot trading pairs with zero maker fees, advanced charting powered by TradingView, and APIs for tailored trading solutions.
A significant aspect of the Coinbase experience is its staking feature, which allows users to earn rewards by supporting the network operations of certain cryptocurrencies.
Through Coinbase’s staking option, users can achieve returns, with the possibility of earning up to a 12% annual percentage yield (APY) on select assets. Additionally, users can receive rewards of up to 5.20% by holding USD Coin (USDC), a stablecoin that is pegged to the U.S. dollar.
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