5BMeaning of virtual asset

5B Meaning of virtual asset

(1) A virtual asset is a digital representation of value that: (a) functions as any of the following: (i) a medium of exchange; (ii) a store of economic value; (iii) a unit of account; (iv) an investment; and (b) is not issued by or under the authority of a government body; and (c) may be transferred, stored or traded electronically. (2) A virtual asset is a digital representation of value that: (a) enables a person to vote on the management, administration or governance of arrangements connected with a digital representation of value; and (b) is not issued by or under the authority of a government body; and (c) may be transferred, stored or traded electronically. (3) A virtual asset is a digital representation of value of a kind prescribed by the AML/CTF Rules. (4) However, the following are not virtual assets: (a) money; (b) a digital representation of value used exclusively within an electronic game; (c) customer loyalty or reward points; (d) a digital representation of value that is: (i) similar to a thing mentioned in paragraph (b) or (c); and (ii) not intended by the issuer to be convertible into another digital representation of value or money; (e) a digital representation of value prescribed by the AML/CTF Rules.