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

North Dakota Regulations on Cryptocurrency Payments

In North Dakota, cryptocurrency is considered a form of property [3]. Therefore, accepting cryptocurrency as a form of payment is legal as long as it complies with state and federal regulations.

Requirements for Accepting Cryptocurrency Payments

Businesses that accept cryptocurrency payments must comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations [1][4]. The BSA requires financial institutions to report suspicious transactions and maintain records of transactions over $10,000 [4]. The AML regulations require financial institutions to implement a risk-based program to prevent money laundering and terrorist financing [1].

Additionally, businesses must register with the North Dakota Securities Department if they are selling securities in the form of cryptocurrency [5]. Failure to register may result in penalties and legal action [5].

Conclusion

Accepting cryptocurrency as a form of payment in North Dakota is legal as long as businesses comply with state and federal regulations, including the BSA, AML, and securities registration requirements.

Source(s):
Jurisdiction

North Dakota