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

To offer cryptocurrency as a form of payment in Wisconsin, you must comply with the state’s financial regulations. The Wisconsin Department of Financial Institutions (DFI) regulates cryptocurrency as a form of money transmission. According to WIAC DFI-Bkg 75.04, any person who engages in the business of money transmission in Wisconsin must obtain a license from the DFI. The disclosures required by s. 138.14 (9g) (a) 1., 2., 4., 5., and 6., Stats., shall be provided to the applicant in a single written document that is in a form prescribed by the division. The form shall be signed and dated by the applicant and a representative of the licensee. The licensee shall retain a copy of each signed disclosure form in the customer’s file. If the applicant is applying for a payday loan via the Internet, the lender’s compliance with sub. (1) (c) will be based on how the form is displayed on the lender’s computer, and not based on how the form is displayed on the applicant’s computer ^[1.2].

Additionally, you may need to obtain a permit to use the Wisconsin logo on your cryptocurrency product or commodity. According to WIAC ATCP 161.23, to obtain a permit under s. ATCP 161.22, a person shall submit a signed written application on a form provided by the department. The application shall include all of the information required under this section. The application shall also be accompanied by the fees required under s. ATCP 161.24 if any. Every application shall include the applicant’s name and business address. Every application shall include a statement that the applicant agrees to comply with all applicable conditions under this subchapter for the use of the logo. If the applicant intends to sell any product or commodity bearing the logo, the application shall include an identification of the specific products or commodities on which the logo will be used. For each product or commodity identified, information showing that the product or commodity complies with the eligibility requirements under s. ATCP 161.25. If the applicant intends to sell any promotional item bearing the logo, the application shall identify the specific promotional items on which the applicant intends to use the logo. If the applicant intends to sell packaging or labeling materials bearing the logo, the application shall identify the packaging and labeling materials which the applicant intends to offer for sale ^[2.2][3.2].

Therefore, to offer cryptocurrency as a form of payment in Wisconsin, you must obtain a license from the DFI and comply with the state’s regulations for using the Wisconsin logo on your product or commodity.

Source(s):

• [1.2] Disclosure requirements.
• [2.2] Permit application.
• [3.2] Permit application.

Jurisdiction

Wisconsin

• General