The proposed bill, S. 163, seeks to amend the South Carolina Code of Laws by adding Chapter 47 to Title 34, which addresses the regulation of cryptocurrency and digital assets. Key provisions include prohibiting governing authorities from accepting or requiring payments in central bank digital currency and from participating in any related tests. The bill allows individuals and businesses to use digital currency for transactions without facing disparate tax treatment or zoning restrictions. It also mandates that digital asset mining operations must not stress the electrical grid and requires them to provide information to the Public Service Commission upon request.

Additionally, the bill exempts certain activities related to digital asset mining and blockchain operations from requiring a money transmitter license, ensuring that those engaged in these activities are not subject to additional regulatory burdens. It clarifies that businesses offering digital asset mining or staking services are not considered to be offering securities. The Attorney General is empowered to prosecute fraudulent claims related to digital asset mining services. The bill is set to take effect upon the Governor's approval.