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Can I offer a cryptocurrency as a form of payment without violating financial regulations in Delaware? What are the requirements?

Based on the documents provided, there are no specific regulations in Delaware that prohibit the use of cryptocurrency as a form of payment. However, businesses that plan to accept cryptocurrency must comply with all applicable State and federal statutes and regulations [2.1].

To operate a business that accepts cryptocurrency as payment, you will need to apply for a license with the State Bank Commissioner [1.1]. The application for a license must be in writing and in the form prescribed by the State Bank Commissioner. The application must state the name and address of the applicant, the address at which the business is to be conducted, and any other information required by the Commissioner [1.1].

Each applicant for a license must prove, in form satisfactory to the State Bank Commissioner, that they have available for the operation of the business, for each location and for each mobile unit specified in the application, liquid assets of at least $5,000, and every licensee shall continuously maintain for the operation of the business for each location and for each mobile unit liquid assets of at least $5,000 [1.4].

It is also important to keep accurate books, accounts, and records of all transactions, as required by the State Bank Commissioner [1.6].

In summary, while there are no specific regulations in Delaware that prohibit the use of cryptocurrency as a form of payment, businesses that plan to accept cryptocurrency must comply with all applicable State and federal statutes and regulations, apply for a license with the State Bank Commissioner, maintain liquid assets of at least $5,000, and keep accurate records of all transactions.

Source(s):
Jurisdiction

Delaware