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

Cryptocurrency as a form of payment in Wyoming

In Wyoming, the use of cryptocurrency as a form of payment is not explicitly prohibited. However, there are certain regulations that must be followed to ensure compliance with state laws.

Residency Validation

Before offering an innovative financial product or service, the person offering it must validate the residency of the consumer [1.3]. This can be done by collecting the consumer’s name, address, and phone number, and reviewing one or more of the following records or documents:

  • A valid operator’s license, chauffeur’s license, or official personal identification card issued by this state
  • A current Wyoming voter registration
  • Any of the documents or combinations of documents that are sufficient to establish residency under Rules Wyo. Sec’y of State Election Procedures, Ch. 2, § 6 [1.3]

Record Keeping

Persons selling innovative financial products or services must keep comprehensive records under W.S. 40-29-106(d) [1.1]. In addition, those persons must maintain the following records:

  • All consumer contact information, including the information required in Section 3 of these rules [1.1][3.1]
  • All agreements, contracts, and subscription records [1.1][3.1]
  • All correspondence between the person selling the innovative financial product or service and the consumer [1.1][3.1]
  • All financial statements and bank account records [1.1][3.1]
  • A copy of all advertisements the person selling the innovative financial product or service has used to market their product or service in Wyoming [1.1][3.1]

Financial Technology Sandbox

A person applying to exempt their financial product or service from specific statutes or rules shall complete and submit a financial technology sandbox application to the Wyoming Secretary of State’s Office [1.2]. If the Secretary of State’s Office has granted a person a waiver under the Financial Technology Sandbox Act, the person may request an extension under W.S. 40-29-108 by completing a financial technology sandbox extension application [1.2].

Livestock Market Licensing

It is important to note that if you are operating a livestock market in Wyoming, you must have a license and bond as required by W.S. §11-22-101 et seq [2.1][2.2]. Failure to comply with Wyoming state statutes contained in Title 11, chapters 18, 19, 20, 21, 22, 23, 24, 29, 30; Title 33, chapter 30; Title 35, chapter 10 or Agency rules chapters 1, 2, 8, 9, 10, 11, 12, 13 and 15 may result in the denial, suspension, or cancellation of your license [2.1][2.2].

Conclusion

While the use of cryptocurrency as a form of payment is not explicitly prohibited in Wyoming, it is important to follow the regulations outlined above to ensure compliance with state laws. Additionally, it may be beneficial to consult with a legal professional to ensure full compliance with all applicable regulations. If you are operating a livestock market in Wyoming, it is important to obtain the necessary license and bond and comply with all relevant statutes and rules.

Source(s):
Jurisdiction

Wyoming