Meaning of virtual asset
5B Meaning of virtual asset
A virtual asset is a digital representation of value that:
functions as any of the following:
a medium of exchange;
a store of economic value;
a unit of account;
an investment; and
is not issued by or under the authority of a government body; and
may be transferred, stored or traded electronically.
A virtual asset is a digital representation of value that:
enables a person to vote on the management, administration or governance of arrangements connected with a digital representation of value; and
is not issued by or under the authority of a government body; and
may be transferred, stored or traded electronically.
A virtual asset is a digital representation of value of a kind prescribed by the AML/CTF Rules.
However, the following are not virtual assets:
money;
a digital representation of value used exclusively within an electronic game;
customer loyalty or reward points;
a digital representation of value that is:
similar to a thing mentioned in paragraph (b) or (c); and
not intended by the issuer to be convertible into another digital representation of value or money;
a digital representation of value prescribed by the AML/CTF Rules.
18 Subsection 6(2) (after table item 46)
Insert:
46A | providing a virtual asset safekeeping service, where the service is provided in the course of carrying on a business as a virtual asset service provider | the customer of the service |
19 Subsection 6(2) (table item 50A)
Repeal the table item, substitute:
50A | exchanging, or making arrangements for the exchange of: (a) a virtual asset for money (whether Australian or not); or (b) money (whether Australian or not) for a virtual asset; for a person, in the course of carrying on a business as a virtual asset service provider | the person whose virtual asset or money is exchanged |
20 Subsection 6(2) (after table item 50A)
Insert:
50B | exchanging, or making arrangements for the exchange of, a virtual asset for another virtual asset (whether or not of the same or a different kind) in the course of carrying on a business as a virtual asset service provider | the person whose virtual asset is exchanged |
50C | providing a designated service mentioned in another item of this table in connection with the offer or sale of a virtual asset, where the service is provided in the course of carrying on a business participating in the offer or sale | the customer mentioned in the item |
21 Subsection 6(4) (cell at table item 7, column headed “Provision of a designated service”)
Omit “digital currency”, substitute “virtual assets”.
22 Subsection 6(4) (cell at table item 7, column headed “Customer of the designated service”)
Omit “digital currency is”, substitute “virtual assets are”.
23 Subsection 6(4) (cell at table item 8, column headed “Provision of a designated service”)
Omit “digital currency”, substitute “virtual assets”.
24 Section 19
Repeal the section, substitute:
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