South Carolina Advances Crypto Regulation with Comprehensive Law

South Carolina has enacted a landmark crypto law that establishes a broad regulatory framework for digital assets. The legislation, signed into effect by Governor Henry McMaster, expands protections for users, businesses, and miners.

The new law allows individuals to accept digital assets as payment for goods and services, providing clarity on the use of cryptocurrencies in commercial transactions. It also shields self-custody wallets from state interference, safeguarding users' rights to manage their own private keys.

Furthermore, the legislation prohibits state agencies and local governments from requiring payments in CBDCs or participating in Federal Reserve tests for similar currencies. This restriction directly limits CBDC use across the state government.