South Carolina Introduces New Crypto Law
South Carolina Governor Henry McMaster has signed a new crypto-friendly bill into law. The legislation supports digital asset users, blockchain businesses, and crypto mining companies across the state. The move is seen as a major step toward wider crypto adoption in the United States.
Law Protects Crypto Payments and Self-Custody
The new law allows individuals and businesses to use cryptocurrencies for payments without restrictions. It also protects the right of users to store digital assets in self-hosted or hard wallets. State and local governments cannot impose extra taxes or fees on crypto transactions used for payments.
South Carolina Rejects CBDC Participation
A major part of the legislation focuses on opposing Central Bank Digital Currencies (CBDCs). The law prevents state agencies from accepting or requiring CBDC payments. It also blocks participation in any Federal Reserve CBDC testing programs.
Strong Support for Crypto Mining Industry
The bill provides legal protection for crypto mining operations in industrial zones. Local authorities cannot create unfair restrictions or special noise rules targeting mining businesses. The legislation also exempts several blockchain activities from money transmitter licensing requirements, including crypto mining, staking, node operations, and crypto-to-crypto trading.
