BitFlyer entered into the Hawaiian market as the team considers Hawaii as a bridge between Japan and the U.S.
The Tokyo-based exchange bitFlyer has entered the Hawaiian market after taking advantage of a regulatory window that permits such companies to operate in the state.
According to a statement released by the company on August 19, the state of Hawaii has set up a sandbox for blockchain firms to operate without the statutory financial license for a period of two years.
BitFlyer: Why Hawaiian Market?
The Chief Operations Officer (COO) of bitFlyer Joel Edgerton said that bitFlyer USA chose the Hawaiian market thanks to its traditional affinity to Japan. He noted:
“Our name recognition is particularly high in Hawaii. The new Hawaii program is unique and approved to continue until Dec. 31, 2022.”
He said that the company hopes that the license would be extended beyond the point of expiration.
The Digital Currency Innovation Lab, the program which enabled bitFlyer to make an inroad into the Hawaiian market is an initiative of Division of Financial Institutions and Its Hawaiian Technology Development Corporation (HTDC), a Hawaiian agency which is experimenting on permitting cryptocurrency companies to operate in the state without the mandatory financial license.
This policy is meant to last for two years. This waiver for the money transmitter license has given bitFlyer the leverage to serve the Hawaiian market. Their customers will access the exchange via desktop and mobile devices.
BitFlyer has been studying the regulatory space of the U.S. The exchange which presently operates in 48 U.S. states and plans to showcase its innovations to the Hawaiian customers. Edgerton said:
“We hope that the sandbox program will give regulators visibility into the innovation of companies working in the program and approve a long term licensing regime for cryptocurrency exchanges beyond the program end date.”
Bridge State
BitFlyer U.S. founder Yuzo Kano said that the entry into Hawaii is significant for the firm since they consider Hawaii as a bridge between Japan and the U.S.
The new arrangement that gave the company leeway into Hawaii will ensure that the residents of the state access cryptocurrency services in a safe manner. Len Higashi who heads the HTDC said:
“We congratulate bitFlyer on its successful admission into the Digital Currency Innovation ’Lab. We look forward to its participation to create a more vibrant virtual currency community in Hawaii.”
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Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
