Transak, a global Web3 payments provider headquartered in Miami, has opened a new office in Hawaii, taking advantage of the state’s evolving cryptocurrency-friendly regulations.
Following the conclusion of Hawaii’s Digital Currency Innovation Lab (DCIL) study in June 2024, the state no longer requires cryptocurrency businesses to obtain a money transmitter license. This regulatory shift aims to foster innovation and growth in the crypto sector.
Transak, registered under FinCEN, ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) standards.
The platform offers an easy onboarding process for Hawaii residents, allowing quick access to hundreds of cryptocurrencies through its user-friendly interface.
“We believe that Transak has the potential to play a major role in driving the adoption of Web3 in Hawaii. Our platform makes it easy for individuals and businesses to access the benefits of this exciting new technology. This strategic expansion aligns with Hawaii’s progressive stance on cryptocurrency adoption and digital innovation, positioning Transak as a key player in the state’s evolving financial landscape,” said Sami Start, CEO of Transak.
As part of this launch, several of Transak’s key partners, including BitPay, MetaMask, Changelly and Trust Wallet, are now live in Hawaii. Hawaii represents a high-potential yet underexplored market for these platforms.
A report by Miq Intelligence reveals that Hawaii leads all U.S. states in interest in cryptocurrency. However, despite this enthusiasm, residents have faced challenges in onboarding to Web3, particularly in acquiring cryptocurrencies with fiat currency.