2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.69 — Definitions.

53B.69 DEFINITIONS.
Subdivision 1.
Terms.
For purposes of sections 53B.70 to 53B.74, the following terms have the meanings given them.
Subd. 2.
Control of virtual currency.
"Control of virtual currency," when used in reference to a transaction or relationship involving virtual currency, means the power to execute unilaterally or prevent indefinitely a virtual currency transaction.
Subd. 3.
Exchange.
"Exchange," used as a verb, means to assume control of virtual currency from or on behalf of a person, at least momentarily, to sell, trade, or convert:
(1) virtual currency for money, bank credit, or one or more forms of virtual currency; or
(2) money or bank credit for one or more forms of virtual currency.
Subd. 4.
Transfer.
"Transfer" means to assume control of virtual currency from or on behalf of a person and to:
(1) credit the virtual currency to the account of another person;
(2) move the virtual currency from one account of a person to another account of the same person; or
(3) relinquish control of virtual currency to another person.
Subd. 5.
United States dollar equivalent of virtual currency.
"United States dollar equivalent of virtual currency" means the equivalent value of a particular virtual currency in United States dollars shown on a virtual-currency exchange based in the United States for a particular date or period specified in this chapter.
Subd. 6.
Virtual currency.
(a) "Virtual currency" means a digital representation of value that:
(1) is used as a medium of exchange, unit of account, or store of value; and
(2) is not money, whether or not denominated in money.
(b) Virtual currency does not include:
(1) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency; or
(2) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.
Subd. 7.
Virtual-currency administration.
"Virtual-currency administration" means issuing virtual currency with the authority to redeem the currency for money, bank credit, or other virtual currency.
Subd. 8.
Virtual-currency business activity.
"Virtual-currency business activity" means:
(1) exchanging, transferring, or storing virtual currency or engaging in virtual-currency administration, whether directly or through an agreement with a virtual-currency control-services vendor;
(2) holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals; or
(3) exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for:
(i) virtual currency offered by or on behalf of the same publisher from which the original digital representation of value was received; or
(ii) money or bank credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received.
Subd. 9.
Virtual-currency control-services vendor.
"Virtual-currency control-services vendor" means a person that has control of virtual currency solely under an agreement with a person that, on behalf of another person, assumes control of virtual currency.
History:
2023 c 57 art 3 s 56