BitFlyer USA, the US subsidiary of Tokyo-based cryptocurrency exchange BitFlyer, revealed their upcoming compatibility with the US state of Hawaii.
“We chose Hawaii because of the regulatory environment for the digital currency they set up.”Joel Edgerton, COO of BitFlyer, told Cointelegraph. “We also chose Hawaii because the state has close ties with Japan,” he added. “We are particularly well known in Hawaii.”
The Hawaiian Financial Institutions Division and its Technology Development Corporation built the Digital Currency Innovation Lab, the gateway that brought BitFlyer into the state. This emerges from a statement BitFlyer sent Cointelegraph on Aug. 19.
In the early stages of experimentation, the Digital Currency Innovation Lab acts as a regulatory playground, giving Hawaii cryptocurrency companies two years of leeway to operate without a money transmitter license. BitFlyer will offer Hawaiians the use of its exchanges on mobile and desktop devices.
BitFlyer frequently evaluates the regulatory scene in different regions of the US and The move to Hawaii is the result of adapting to the recently established rules and regulations in the stateEdgerton explained. BitFlyer is currently available in 48 states and US territories.
“Hawaii’s new program is unique and will continue through December 31, 2022,” stated Edgerton. “We hope that the regulatory environmental program will provide regulators with insight into the innovation of the companies involved in the program and that it will adopt a long-term licensing system for the exchange of cryptocurrencies beyond the program end date.”
The move to Hawaii also correlates with Japan, according to Yuzo Kano, founder and CEO of BitFlyer USA. “Since many Japanese live or travel to Hawaii, it is the state that acts as a bridge between Japan and the United States.”he told Cointelegraph. “Offering our service here is very important as an exchange with origins in Japan.”
Amid a number of developments in 2020, BitFlyer also made headlines for its blockchain-based shareholder voting app.