Ask Reggi Your Question Now
Can I offer a cryptocurrency as a form of payment without violating financial regulations in South Carolina? What are the requirements?
Based on the provided documents, South Carolina does not have specific regulations regarding the use of cryptocurrency as a form of payment. However, it is important to note that cryptocurrency transactions may still be subject to existing financial regulations in South Carolina, such as those related to money transmission and currency exchange activities [3.1].
If you plan to engage in money transmission and currency exchange activities involving cryptocurrency, you may need to obtain a license from the Commissioner of Banking or comply with the requirements of Section 35-11-210 [3.1]. Additionally, you may need to provide evidence that you hold a license in good standing to engage in money transmissions in at least one other state that has either adopted the Uniform Money Services Act or has money transmission laws that are substantially similar to those of South Carolina [3.1].
It is recommended that you consult with a legal professional to ensure compliance with all applicable regulations.
Source(s):
Jurisdiction
South Carolina