Aside from restrictions to the specific divisions, the only limitations are on cartridge/caliber and velocity. PRS rules state the rifle must be .30cal or less, with a velocity of 3200fps or less. Velocity may be tested at any point during a match; there is a 32fps allowance for atmospheric and chronograph variances. Some matches may set more restrictive limitations such as a slightly lower velocity, or specifying .300 Win Mag as the most powerful cartridge permitted.
When you’re just starting off in shooting matches, if you have a set-up that will meet the minimum requirements, then yes- it is all good enough. You need to be able to accurately engage targets out to 1000 yards; to do that, you only need a reasonably accurate rifle and ammunition, and a scope with target / tactical turrets, in just about any modern centerfire rifle cartridge.
The primary issue that could make a set-up which otherwise falls into those minimum requirements problematic is lack of a detachable magazine.
You can absolutely shoot a match with an internal magazine, but it will quickly become a point of annoyance since nearly ever stage will exceed your magazine capacity. Ideally, you arrive to a match with at least two 10 round capacity magazines. Lower capacity magazines are fine, but you’ll need spares.
You may outgrow what you have now, but that does not mean what you have now will not serve the purpose while you’re starting out.
If you do not have a rifle or optic, and are looking at buying either/both, be aware that there may be better options in your price range than you would think, from great brands you’ve either never heard of, or never knew were producing precision rifles. Feel free to inquire on the WPRSC and/or MPRSC Facebook groups, and check out “What the joe’s use”:
Rifle Actions: https://precisionriflecomponents.com/what-the-joes-use-top-prs-actions-of-2019/
WPRSC and MPRSC also each have a custom demo rifle available to new shooters, if available it may serve to highlight options worth considering on your next rifle.