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Can I collect cryptocurrency information from participants in South Carolina? What are the requirements?
Based on the provided context documents, it appears that you may need to obtain a permit to collect cryptocurrency information from participants in South Carolina. Here are some relevant regulations and requirements:
Relevant Regulations
Dealer to keep records of certain purchases
SCCL 40-54-40 requires dealers to keep records of certain purchases, including the name, sex, race, age, address, and driver’s license number of the person selling the items, articles, or things bought. The record book must be kept for three years and at all reasonable times must be open to the inspection of any judicial or law enforcement officials or their designees. The local law enforcement agency may not reveal a seller’s identity supplied under this section except to other law enforcement agencies and prosecuting officials or pursuant to the valid order of a court or in the course of any criminal investigation or prosecution.
Permit required
SCCL 40-54-20 requires dealers to obtain a permit to engage in the business of purchasing precious metals from the local law enforcement agency and operate only from a permanent place of business. No dealer shall operate upon public property nor from a vehicle, flea market, hotel room, residential dwelling, similar temporary location, or subleased space with a lease term of less than one year. The permit issued under this chapter shall be valid for a period of one year from the date issued and the annual fee shall be fifty dollars to provide for the administrative costs.
Application for Money Transmission License
SCSR Section 13-2201 requires all applications for new or renewal licenses to be made through the NMLS. An application should include a detailed description of the screening process used by the applicant in selecting authorized delegates, including a sample of any forms used, and the method used to screen for criminal history. The applicant, and each Control Person and Executive Officer, shall furnish to the NMLS, together with the required fees: fingerprints for submission to the Federal Bureau of Investigation and to any other governmental agency or entity authorized to receive such information for a state, national, or international criminal history background check, and authorization for the Commissioner to obtain a criminal history background check.
Conclusion
Based on the provided context documents, it appears that you may need to obtain a permit and keep records of certain purchases to collect cryptocurrency information from participants in South Carolina. It is recommended that you consult with a legal professional to determine the specific requirements and regulations that apply to your situation.
Jurisdiction
South Carolina