South Carolina as a state has been pushing to make itself attractive to technology companies. The cities of Greenville, Myrtle Beach, and Charleston have gone through a modern renaissance to gain traction with Silicon Valley companies. And now it looks like the Catawba Native American tribe wants to follow suit. The Nation of about 3500 has published a draft for regulations of digital currencies, hoping to attract Crypto Ventures & startups.
The name of the region created for innovators in the crypto space is the Catawba Digital Economic Zone or CDEZ (official site). The CEO of the business entity is named Joe McKinney. His company is the centerpiece of discussion within the legally recognized Native reservation that has the same sovereignty and reach legally of any US state. And not only that, but how those living or operating a crypto business in Catawba, South Carolina can be accommodated by the flexibility the reservation has from more restrictive Federal laws.
Safe Cryptoing & Tax Benefits
And with everything that’s happened surrounding the FTX scandal, McKinney wants regulation to help weed out the bad apples.
“A lot of what we’re seeing in the crypto space is just outright fraud for which regulation would be particularly helpful. But I think a lot of what’s happening in crypto space could be helpful to have some clarification from a consumer protection standpoint, while at the same time being mindful of not strangling innovation,” told McKinney to State Scoop.
The Native legislator hopes to offer tax benefits similar to the state of Delaware — the United States’ top tax haven. And with time, even become the Delaware of the crypto economy.
The group’s also used frameworks of banking laws from North Dakota, South Dakota, and Wyomig to create their crypto-friendly regulations.
Quite ambitious, the lawmakers of the Catawba people believe a leap into the direction of cryptos and blockchain will benefit the community tremendously.
Companies will be able to file for an LLC on-line sometime next week. The legislators have arranged for businesses to do all filing via the internet. No physical paperwork will be required for a business license on the reservation.
The zip code of the Catawba region is 29704 and the area code . The Native American reservation’s location is just outside of Rock Hill, North Carolina and 30 miles below Charlotte.
From Greenville, South Carolina the journey to the Catawba Digital Economic Zone is about 50 minutes in car transport. From the Palmetto’s capital city Columbia, it’s closer to a 35 minute ride. It was here the Nation’s first time a home was sold as an NFT. The Metaverse seems to be in full swing inside the Southern Carolina state.