Coinbase expands services to Hawaii after regulatory changes ease restrictions. Hawaii residents can now buy, sell, and stake crypto with up to 12% APY on Coinbase. Coinbase still faces legal pushback from the SEC over the disclosure of regulatory documents.

Coinbase has announced the expansion of its services to Hawaii, granting residents access to a broad range of digital asset management options. This comes on the heels of significant regulatory changes by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), which have opened new avenues for cryptocurrency businesses in the state. Hawaii’s stringent regulations For years, Hawaii’s stringent regulations have made it difficult for crypto exchanges to operate within its borders. A particularly challenging requirement was the mandate for exchanges to maintain cash reserves equal to the value of digital assets held by customers, effectively deterring many businesses from entering the Hawaiian market. However, recent adjustments, as part of the Hawaii Digital Currency Innovation Lab pilot program, have relaxed these restrictions, allowing companies like Coinbase to establish a foothold in the state. Hawaiian residents can now use Coinbase With this regulatory easing, Hawaiian residents can now use Coinbase’s platform and mobile app to engage in the buying, selling, and management of cryptocurrencies. In addition to these services, users can participate in crypto staking, earning up to 12% annual percentage yield (APY) on select digital assets. This marks a significant shift for Hawaii, where the interest in cryptocurrencies has been growing, yet opportunities were previously limited due to the state’s tough regulations. For Coinbase, its entry into Hawaii not only expands its user base but also highlights the state’s commitment to fostering innovation in the digital currency space even as the exchange battles with the US SEC concerning the disclosure of documents related to the application of securities laws to digital assets.

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Tether announces $3 million strategic investment in Kem app to boost adoption of its stablecoin USDT. Kem’s partnership helps Tether’s commitment to financial inclusion across the globe, Tether CEO Paolo Ardoino said.

Tether, the leading stablecoin issuer, is eyeing fresh market penetration with a strategic investment in money transfer and financial management platform Kem. According to an Aug. 13 announcement, the $3 million investment in Kem app will see the platform add USDT for its users, prompting the stablecoin’s adoption in the Middle East. “This investment reinforces Tether’s commitment to promoting financial inclusion and stability. We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services,” Tether CEO Paolo Ardoino, said. “Our investment in Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.” Crypto adoption growing in MENA region Kem and Tether’s collaboration comes amid growing crypto adoption in the Middle East and North Africa (MENA) region, with this being the sixth largest crypto economy in the world. Combined, the region accounts for an approximately $389.8 billion in on-chain value – a 7.2% total of global volume from July 2022 to June 2023. Dubai and Abu Dhabi are some of the top destinations for crypto in the region. Tether recently announced it hit a record $5.2 billion in profit from the first half of 2024, and has vowed to fight a ‘shake down” litigation from Celsius. Ardoino said in a statement that the legal battle is about setting an “example for bad actors.”

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